Interest rates at the inter-bank market yesterday declined by 15.83 percent following injection from the Federation Accounts Allocation Committee (FACC) worth N525.2 billion.

The three tiers of government last week shared a total statutory allocation amounting to about N525.2 billion.

Consequently, the Nigeria Inter-Bank Offered Rate (NIBOR) dropped from 15.08 percent Friday last week to 12.69 percent.

According to data from the Financial Markets Dealer Quotations (FMDQ), call tenor went down to 11.29 percent from 14.08 percent Friday last week,  likewise, 7 days, 30 days, and 60 days tenor dropped from 14.45 percent, 14.79 percent, and 15.25 percent, respectively.

Moreover, Naira yesterday weakened against the US dollar losing N0.23k at the foreign exchange market to close at N159.10/$ compared to N158.87/$ on Friday last week, data from FMDQ has shown.