Banks Struggle with Excess N1.5trn Deposits

LAGOS — Excess liquidity in the banking system rose to about N1.24 trillion, last weekend, following huge backlog of unmet foreign exchange demand for which the Central aBank of Nigeria, CBN, returned the Naira back-up funds to the banks on Friday.

 

There is also indication that the liquidity overflow will reach an all time high of N1.5 trillion by end of this week, following the maturity of Treasury Bills worth N257.9 billion which will be credited to the banks by CBN.

This is expected to see interbank money rates trending at very low levels with further erosion of margins and yields in money market instruments.

However, financial analysts expect CBN to mop up the unprecedented liquidity overflow with re-issue of Treasury Bills at a predetermined volume to match the desired liquidity level.

Traders, Buyers Decry Hike In Prices Of Palm Oil

Some traders and buyers of palm oil at the Mile 12 Market, Lagos State, on Friday decried the hike in the prices of the commodity.

They told the News Agency of Nigeria (NAN) in Lagos that the increment was due to the restriction placed of imported palm oil.

 

NAN reports that a 20-litre keg of palm oil now sells for N6, 500, as against the N6, 000 it attracted earlier in the year.

The check also indicated that the price per bottle had also increased from N200 to N250.

Mrs Tola Adewale, a palm oil trader at the market, said that buyers were complaining about the price hike, occasioned by the scarcity of the commodity.

Adewale, however, said that there would a be likely drop in the price from next month when the market would be flooded with the commodity.

“This is not the season for mass production of palm oil. That is why our customers are feeling the effects of the scarcity now.

MOVIE: 'Ghostbusters' ‘the 80'S COMEDY CLASSICS. Official cast photo shows Kristen Wiig, Melissa McCarthy, and others.

The new movie, opening on July 22, 2016, will focus on a new batch of paranormal pursuers who aren’t afraid of no ghosts, though original cast members Bill Murray, Dan Aykroyd and Sigourney Weaver from the 1984 comedy classic will have cameos.

 

  (From l.) Melissa McCarthy, Kate McKinnon, Kristen Wiig and Leslie Jones are exactly who you’re going to call in the upcoming “Ghostbusters” reboot.

Director Paul Feig had previously tweeted out several photos during filming to combat an infestation of paparazzi buzzing around the film’s Boston set. But it’s the first time the new fab foursome could be seen in their full proper glory.