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    Nigerian Interbank Rates Slip As Banks Accumulate Cash

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    Reuters reports that Nigeria’s interbank rate eased on Friday to an average of 0.5 percent for overnight lending, down from to 1.25 last week, with excess liquidity. The Central bank had injected about 240 billion naira in matured open market operation (OMO) treasury bills and refunds on cash reserves to some banks on Thursday, boosting…

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    Adesina Wins AfDB Presidency, Assumes Office September 1

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    Former minister of Agriculture and Rural Development, Dr Akinwumi Adesina has been elected the new president of the African Development Bank (AfDB). He was elected at the AfDB summit presently ongoing in Abidjan, the capital of Ivory Coast. Report from Reuters said that Adesina, who contested along with seven other prominent Africans, was announced winner by the AfDB…

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