9 Ideas to Make a Side Income While Growing Your Business

Being an entrepreneur is synonymous with being financially unstable at times. While you’re growing your company, it’s important to be focused. But what if you could get a side hustle that would help bring in a healthy secondary income to alleviate some of that financial stress? And, best case, what if this side hustle could also help you grow your core business?

The good news is that there are a lot of companies that create opportunities for entrepreneurs that don’t require full-time work and can become a great companion to the work you’re doing. Better yet, they take out the hassle of having to create a second company to supplement your income because they do the legwork and allow you to plug in your skills and time.

Here are nine examples of opportunities that might be the perfect side hustle for you as you continue to grow your company!

1. Invest in real estate.

There are a lot of methods for making money in real estate, many of which don’t require your full time effort. Josh Dorkin, CEO and founder of BiggerPockets says you should consider land lording, flipping houses or wholesaling. His company’s website will help you manage and understand all of the different state laws and regulations, as well as leverage the largest worldwide network of real estate investors who come to his site to ask questions and help one another.

He also recommends finding people in your area with skill sets and expertise that you don’t have, and to partner with them or use them as a place to park your investment cash. You can join BiggerPockets for free and he recommends reading its Ultimate Beginner’s Guide, a free eight-chapter book on real estate investing for novices.

2. Drive a taxi.

Most of us are familiar with Uber and Lyft, the companies that took limo and town car services and gave them riders in their down time, and then expanded into recruiting regular citizens to utilize their free time to become taxi drivers. Have you considered being one of them?

I’ll never forget one of my UberX rides where the driver told me that he uses his spare time to make money driving as well as to leverage the networking he can do with each of his passengers as he grows his new business -- genius!

"One of the greatest things about the Uber platform is that it offers economic opportunity for a variety of drivers -- full time, part time, teachers in summer, full-time students, military spouses, etc. -- in more than 260 cities around the world,” says Molly Spaeth, an Uber spokesperson.

So if you’re in one of the 260 cities, you could be making your car into a money-generating experience and a networking opportunity on wheels!

3. Host the next-gen of tupperware parties.

There are many companies that do at-home parties and trunk shows where you can utilize the company’s products, marketing and operations infrastructure to build a side income by plugging in your network.

One that has proven to be very successful is Stella and Dot, where you become a jewelry consultant and host parties at friend's homes, local boutiques or events. Other popular brands include Rodan + Fields and Pure Romance.

4. Outsource your skills.

Can you do graphic design, data mining, website development, video editing, software development or customer service? Then you can parlay those skills by signing up on sites such as TaskRabbit or ODesk and get hired by their members to do jobs in any of these areas. You can pick and choose how often you want to work and what jobs you take!

5. Be a temp.

Long gone are the days of temp agencies and scouring the Internet for part-time or short-term work. Enter Wonolo, which helps people “work now locally.”

“Wonolo is a company that allows anyone to work for a few hours or a day at real companies doing real work," says AJ Brustein, the company's co-founder. "Want to help an ecommerce company fulfilling orders when they are busy, help out at a conference taking tickets, or assist in data entry at a wealth management firm? You can get numerous career experiences around the flexibility of your own schedule.”

You can get alerted of jobs available in your area immediately via Wonolo's app. Sounds perfect for a busy entrepreneur!

6. Rent out your pad.

Are you traveling for a business meeting and leaving your home empty? Do you have a spare room or guest house? It’s time to put them to work and list them on Airbnb or VRBO and make money on your property when you’re not using it!

7. Rent out your car.

If you can get on board with renting out your home, you’ll certainly understand the model created by companies such as RelayRides and FlightCar, which allow you to rent out your personal vehicle to their users.

I recently used RelayRides during a trip in San Francisco and had a great experience that didn’t require me to find a rental car center, and the cost was right. I even was able to get acquainted with the car’s owner, to whom I offered to help find a job.

It's another way to make money and network when you’re not using your car (like when you're parked at the airport thanks to FlightCar)!

8. Don’t just buy on eBay, sell there.

You can simply sell your own items, or you can make it into a side business.

“I run an eBay franchise in which I teach people how to run a re-sale business on eBay," says Garrett Brustein. "I do one-on-one training to show them where to get their inventory and how to list and ship items the same way I do so they can emulate the process and take all of the guess work out of the business. They are then able to do this as a part-time job in their free time."

Just think -- you can unload the stuff you don't want and go shopping to resell items all in the name of making money!

9. Get paid to network.

I know this one from personal experience! After founding my first company, a credit card processing brokerage, I began to organize networking events in my city to help young professionals interact in an environment where they wouldn’t fear getting sold to or hit on. I quickly realized the events were not only helping those in attendance to make valuable connections, but that there was real money to be made, as well.

Over time, I packaged the operations of Network Under 40 to enable entrepreneurs in other markets to bring the events to their cities. By becoming the epicenter of the network, it naturally parlays into building their full-time businesses as well as creates a healthy side income.

If you’re looking to make some money on the side and/or find channels through which you can build your primary business, it’s time to look into some of these options.

Source: www.entrepreneur.com

CBN approves Microcred Microfinance Bank national licence

The Microcred Microfinance Bank Nigeria (MCN) Nigeria Ltd says it has received approval from the Central Bank of Nigeria (CBN) to operate nationwide.

This in contained in a statement by Microcred Managing Director, Mr Olarewaju Kazeem, to newsmen on Thursday in Lagos.

Kazeem said that the approval was given after Macrocred increased its capital base to N1.4 billion in September 2015.

He added that the capital base qualified it to expand into new markets and new products outside Kaduna State, its operational headquarters.

“The Central Bank of Nigeria (CBN) has approved Microcred Microfinance Bank Nigeria Limited (MCN) request for National licence and its business expansion plan outside Kaduna State.

“MCN’s strategy is based on high quality customer services, innovative products and distribution channels focused on the under-served in Micro, Small and Medium Enterprises (MSME) and mass retail customer segments.”

Olanrewaju said the bank would deliver services that would surpass the expectations of Nigerians.

“MCN is blessed with seasoned professionals who are committed to taking the bank to another level through innovative products, technology, excellent customer service and friendly environment.

“The expansion will facilitate the full realisation of Microcred’s mission in Africa as a whole and Nigeria in particular,” he said.

The statement also reported Arnaud Ventura, the founder and Mr Ruben Dieudonné, Chief Executive Officer of Macrocred, as saying the approval would enable the bank to redefine the meaning of customer experience in banking.

Dieudonné said the approval had demonstrated that Microcred Group could run profitable and strong micro-credit banking in Nigeria.

Source: Guardian Newspaper.

Oil rebounds off 12-year lows on ECB comments

Oil prices climbed, rebounding off 12-year lows on Thursday, as hopes for easier monetary policy in Europe calmed falling financial markets, but few traders believed the gains spelled an end to this year's price decline of more than 25 percent.

Oil futures hit their lowest since 2003 this week as investors fretted over the prospects for prices amid a global glut of crude and slowing demand due to economic weakness, especially in world No. 2 economy, China.

U.S. data later on Thursday is expected to show that record-high crude stocks rose a further 2.8 million barrels last week.

Benchmark Brent futures for March delivery surged 29 cents, or 1 percent, to $28.17 a barrel. Brent has lost 26 percent of its value in January and is on track for its biggest monthly fall since 2008.

Front-month West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.7 percent, to $28.55 per barrel.

U.S. and Brent futures turned positive after earlier declining, following comments by European Central Bank President Mario Draghi. He said it would be necessary to review the Bank's monetary policy stance in March, fueling hopes for more quantitative easing.

"The market, especially the equity markets, want stimulus and need stimulus in order to keep the rally going," said Brian LaRose, a technical analyst with United-ICAP.

"It's all about economic expectations here and the U.S. equity markets are going to be in the driver's seat over the near term."

However, broad market sentiment remained bearish as producers around the world pump 1 million to 2 million barrels of crude every day in excess of demand, creating a huge overhang of stored oil.

Iran's return to the oil market this month has added to the glut, after the lifting of international sanctions aimed at discouraging the country from obtaining nuclear weapons.

Weekly data from the Energy Information Administration due at 1600 GMT is expected to show a further rise in inventories. Data on Wednesday from the American Petroleum Institute showed crude inventories rose by 4.6 million barrels.

Source: www.reuters.com

Wall Street tumbles to 2014 low as oil prices sink

Wall Street's recent selloff deepened on Wednesday, with the S&P 500 closing at its lowest in over a year as U.S. oil prices plummeted to 2003 lows.

The equities rout was widespread, hitting nine of the 10 major S&P sectors. The small-cap Russell's 2000 index .RUT fell 3.6 percent before reversing its loss late in the session.

The beaten-down S&P energy sector .SPNY fell 2.93 percent, leading the losers. Exxon (XOM.N) dropped 4.21 percent and Chevron (CVX.N) slumped 3.10 percent.

Collapsing oil prices and fears of a slowdown in China, the world's second largest economy and a key market for U.S. companies, have led the S&P 500 to drop 9 percent this year. In the past six months, the energy sector has fallen 26 percent.

"The fear is, 'Is tomorrow going to bring more selling?' People are not even thinking about today, they're thinking about tomorrow," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

U.S. crude sank 6.6 percent on Wednesday as a supply glut bumped up against bearish financial reports that deepened worries over demand.

But a late-day bounce in U.S. oil prices helped reduce losses in stocks.

"If you look at crude prices, they are shooting right back up," Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, said ahead of the close.

The S&P 500 .SPX ended down 1.17 percent at 1,859.33, its lowest close since October 2014. It had fallen as low as 1,812.29.

The Dow Jones industrial average .DJI ended 1.56 percent lower at 15,766.74 points.

After a brief late-day rally into positive territory, the Nasdaq Composite .IXIC lost steam and ended down 0.12 percent at 4,471.69.

The CBOE volatility index .VIX, Wall Street's fear gauge, jumped 5.9 percent to 27.59.

Strength last year in Netflix, Facebook and a handful of other technology stocks masked troubled sentiment in other S&P 500 components, said R Squared portfolio manager Riad Younes.

“You had a crowded trade on a few names that kept the average much higher than it should be,” Younes said. “It feels like a bear market for the average stock.”

IBM (IBM.N) weighed the most on the Dow, falling 4.88 percent after disappointing earnings report.

Netflix (NFLX.O) ended down 0.14 percent despite better-than-expected growth in its subscriber base.

An unusually high 12.5 billion shares changed hands on U.S. exchanges, well above the 7.8 billion daily average for the past 20 trading days, according to Thomson Reuters data.

The New York Stock Exchange recorded 2,271 stocks advancing stocks and 883 decliners. On the Nasdaq, 1,551 issues fell and 1,331 advanced.

The S&P 500 posted no new 52-week highs and 182 new lows; the Nasdaq recorded 5 new highs and 728 new lows.

Source: www.reuters.com

US Stock markets eke out gains after a mixed day

U.S. stock markets closed basically flat on Tuesday, with two of the major stock indices notching in minor gains, after an earlier rally lost steam.

Markets started the day in the positive, with all major U.S. indices rising by about 1 percent at the open. It appeared that investors might be ready to shake off some of the worries over low oil prices and a slowdown in China.

But the optimism didn’t last.

Gains began to taper off as the day went on. By early afternoon, all three indices were in the negative.  Those losses were reversed, and Dow Jones industrial average and Standard & Poor’s 500 notched in gains during the final minutes of trading.

At the close, the Dow was up  27.94 points, or 0.17 percent. The S&P 500 stock index, a broader measure of the largest companies, was up 0.05 percent. The tech-heavy Nasdaq, the only one to register a slight loss, was down 0.26 percent.

The mixed performance could be a sign that many investors are still skittish after watching U.S. stock markets dive last week — closing their worst-ever two-week start for a year.

Some investors may be looking to buy stocks while they’re cheap, analysts say. But markets might continue to slide until investors get more clarity about how the domestic economy will be able to handle any ripple effects of slower economic growth in China.

“People are trying to time this market, and they don’t want to buy in when stocks are falling,” said David Kelly, chief global strategist for JP Morgan Funds. “I think there’s a lot of nervousness about getting in too early when markets could correct some more.”

China reported Tuesday that its economy expanded by 6.9 percent in 2015, the slowest pace in nearly 25 years. Still, the numbers may not have been as bad as some economists and analysts had feared. The Shanghai Composite index, a benchmark index in China, rose 3.2 percent Tuesday and is down 15 percent for the year.

The International Monetary Fund also announced a lower forecast for global economic growth. It now predicts the economy will expand by 3.4 percent this year, down 0.2 percentage points from what it expected in the fall.

For investors in the United States, the uncertainty over global growth raises questions about whether the Federal Reserve acted too soon late last year when it raised short-term rates for the first time in nearly a decade.

When Fed officials meet next week, some investors may be looking for reassurance that the Fed will move cautiously in the wake of the increased volatility, said Phil Orlando, chief equity market strategist for Federated Investors. “Investors have to know that the Fed is not going to blindly hike rates in this environment,” he said.

Investors will also study corporate balance sheets for hints on whether the domestic economy may be able to stand on its own even as growth slows in China. Both Bank of America and Morgan Stanley reported fourth-quarter profits Tuesday morning, contributing to the initial rally.

Source: Washington Post.

China's growth hits quarter-century low, raising hopes of more stimulus

China's economy grew at its weakest pace in a quarter of a century last year, raising hopes Beijing would cushion the slowdown with more stimulus policies, which in turn prompted a rally on the country's rollercoaster share markets.

Growth for 2015 as a whole hit 6.9 percent after the fourth quarter slowed to 6.8 percent, capping a tumultuous year that witnessed a huge outflow of capital, a slide in the currency and a summer stocks crash.

Concerns about Beijing's grip on economic policy have shot to the top of global investors' risk list for 2016 after a renewed plunge in its stock markets and the yuan stoked worries that the economy may be rapidly deteriorating.

China's slowdown, along with the slump in commodity prices, prompted the International Monetary Fund to cut its global growth forecasts again on Tuesday, and it said it expected the world's second-largest economy to see growth of only 6.3 percent in 2016.

Data from China's statistics bureau showed that industrial output for December missed expectations with a rise of just 5.9 percent, while electric power and steel output fell for the first time in decades last year, and coal production dropped for a second year in row, illustrating how a slowing economy and shift to consumer-led growth is hurting industry.

December retail sales growth was also weaker than expected at 11.1 percent last month, disappointing those counting on the consumer to be the new engine of growth.

"While headline growth looks fine, the breakdown of the figures points to overall weakness in the economy," said Zhou Hao, senior emerging markets economist for Asia at Commerzbank Singapore.

"All in all, we believe that China will experience a 'bumpy landing' in the coming year," he said.

There was relief in the markets, however, that growth at least matched forecasts, and a growing expectation that more monetary easing measures were imminent, possibly before Lunar New Year holidays in early February.

Angus Nicholson, market analyst at IG in Melbourne, said in a note that further cuts in interest rates and the reserves that banks have to set aside were already looking "a foregone conclusion" before the data release, and now it was a question of timing.

"That gives investors an excuse to buy stocks, after sharp falls recently," said Linus Yip, strategist at First Shanghai Securities Ltd.

Investors took their cue, pushing the benchmark Shanghai Composite Index up 3.25 percent by the close of trading, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen gained 2.95 percent.

The indexes remain about 14-15 percent down so far in 2016 after a series of sell-offs in the new year.

"We see this as a technical rebound," said Yip. "It's too early to say the market has seen its bottom, as we haven't yet seen a turnaround in the economy."

CURRENCY RISK

The People's Bank of China (PBOC) did its bit to calm nerves by keeping the yuan largely steady, setting the currency's daily midpoint fix at 6.5596 per dollar.

That followed news of plans requiring overseas banks to hold a certain level of yuan in reserves, a move that could raise the cost of wagering on further falls in the currency, which has lost about 5 percent since August.

Tommy Xie, economist at OCBC Bank in Singapore, said he expected more stimulus to the economy from the PBOC, but the stability of the yuan, also known as the renminbi, was critical to maintaining growth.

"This is a new risk for China. If the renminbi continues to weaken, the volatility and capital outflows get worse, then that is likely to pose a challenge to growth."

The spot yuan was at 6.5789, barely changed from Monday's close, but offshore it weakened to 6.5935 to stand 0.2 percent adrift from the onshore rate.

Confusion over China's currency policy and its commitment to reforms has sparked mayhem in financial markets in recent weeks, as the PBOC allowed the yuan to fall sharply in early January then switched to aggressive intervention to steady it.

Likewise, concerns have mounted that the economy's troubles might be beyond Beijing's ability to fix.

Markets have long harbored doubts about the veracity of China's growth data, given their habit of closely matching official forecasts year after year despite wildly changing circumstances at home and globally.

Investors used to comfort themselves with the assumption that the authorities, while often inscrutable, were competent managers who could be trusted to ultimately guide the economy to a more consumer-driven model.

That trust has been challenged by perceived policy missteps over the yuan and stock markets, giving weight to a voluble clique of China bears who claim high debt levels and massive overcapacity are bound to end in tears.

Even relative optimists are worried.

"A recent trip back to China suggests the economy remains in a rather bad shape. Public confidence and expectations are very low," says Wei Li, China and Asia economist at Commonwealth Bank of Australia.

"Faced with rising non-performing loans, banks are cutting credit lines despite policymakers calling for more support. New credits are mainly used to repay existing debts, rather than flowing into new investment projects."

Source:www.reuters.com

Richest 62 billionaires as wealthy as half the world population combined

The vast and growing gap between rich and poor has been laid bare in a new Oxfam report showing that the 62 richest billionaires own as much wealth as the poorer half of the world’s population.

Timed to coincide with this week’s gathering of many of the super-rich at the annual World Economic Forum in Davos, the report calls for urgent action to deal with a trend showing that 1% of people own more wealth than the other 99% combined.

Oxfam said that the wealth of the poorest 50% dropped by 41% between 2010 and 2015, despite an increase in the global population of 400m. In the same period, the wealth of the richest 62 people increased by $500bn to $1.76tn.

The charity said that, in 2010, the 388 richest people owned the same wealth as the poorest 50%. This dropped to 80 in 2014 before falling again in 2015.

Mark Goldring, the Oxfam GB chief executive, said: “It is simply unacceptable that the poorest half of the world population owns no more than a small group of the global super-rich – so few, you could fit them all on a single coach.

“World leaders’ concern about the escalating inequality crisis has so far not translated into concrete action to ensure that those at the bottom get their fair share of economic growth. In a world where one in nine people go to bed hungry every night, we cannot afford to carry on giving the richest an ever bigger slice of the cake.”

Leading figures from Pope Francis to Christine Lagarde, the managing director of the International Monetary Fund, have called for action to reverse the trend in inequality, but Oxfam said words had not been translated into action. Its prediction that the richest 1% would own the same wealth as the poorest 50% by 2016 had come true a year earlier than expected.

The World Economic Forum in Davos comes amid fears that the turmoil in financial markets since the turn of the year may herald the start of a new phase to the global crisis that began eight years ago – this time originating in the less-developed emerging countries.

Oxfam said a three-pronged approach was needed: a crackdown on tax dodging; higher investment in public services; and higher wages for the low paid. It said a priority should be to close down tax havens, increasingly used by rich individuals and companies to avoid paying tax and which had deprived governments of the resources needed to tackle poverty and inequality.

Three years ago, David Cameron told the WEF that the UK would spearhead a global effort to end aggressive tax avoidance in the UK and in poor countries, but Oxfam said promised measures to increase transparency in British Overseas Territories and Crown Dependencies, such as the Cayman Islands and British Virgin Islands, had not been implemented.

Goldring said: “We need to end the era of tax havens which has allowed rich individuals and multinational companies to avoid their responsibilities to society by hiding ever increasing amounts of money offshore.

“Tackling the veil of secrecy surrounding the UK’s network of tax havens would be a big step towards ending extreme inequality. Three years after he made his promise to make tax dodgers ‘wake up and smell the coffee’, it is time for David Cameron to deliver.”

Oxfam cited estimates that rich individuals have placed a total of $7.6tn in offshore accounts, adding that if tax were paid on the income that this wealth generates, an extra $190bn would be available to governments every year.

The charity said as much as 30% of all African financial wealth was thought to be held offshore. The estimated loss of $14bn in tax revenues would be enough to pay for healthcare for mothers and children that could save 4 million children’s lives a year and employ enough teachers to get every African child into school.

Oxfam said it intended to challenge the executives of multi-national corporations in Davos on their tax policies. It said nine out of 10 WEF corporate partners had a presence in at least one tax haven and it was estimated that tax dodging by multinational corporations costs developing countries at least $100bn every year. Corporate investment in tax havens almost quadrupled between 2000 and 2014.

The Equality Trust, which campaigns against inequality in the UK, said Britain’s 100 richest families had increased their wealth by at least £57bn since 2010, a period in which average incomes declined.

Duncan Exley, the trust’s director, said: “Inequality, both globally but also in the UK, is now at staggering levels. We know that such a vast gap between the richest and the rest of us is bad for our economy and society. We now need our politicians to wake up and address this dangerous concentration of wealth and power in the hands of so few.”

Source: The Guardian(UK.)

Nigeria’s sugar refiners may stop credit facilities to customers over forex

TO guard against any currency and transaction risks as well as prevent hedging, especially in the face of currency fluctuations, sugar refiners within the country will from today, discontinue credit facilities to their customers. With the Nigerian sugar industry still largely dependent on imported raw sugar, indications are that the present credit scheme cannot be sustained by the refiners.

According to a statement issued by the management of BUA Sugar Refinery (BSR) to its customers, the management of BSR said that while the official exchange rate had remained stable, significant currency and transaction risks still exist for customers who collect sugar on credit.

As a result, the company is temporarily discontinuing its credit lines to those customers effective Monday, January 18, 2016 till further notice. This measure, according to the statement, will however not affect the company’s operations and sugar deliveries will continue to be made against verified payments.

In a related development, BSR has also reiterated its support for the Backward Integration Policy (BIP) of the Federal Government’s National Sugar Master Plan. The company said that extensive work is ongoing at its Lafiagi, Kwara state BIP site with over 20,000 hectares and it has another 50,000 hectares of farmland in Bassa, Kogi.These two operations form the fulcrum of BUA’s backward integration programme for Sugar and this will further reduce the country’s dependence on imported raw sugar while supporting the value chain in sugar production within Nigeria.”

At a roundtable in Abuja recently, the Executive Secretary of the Nigerian Sugar Development Council, Dr Latif Busari, said there was hope for the sugar industry in Nigeria whilst identifying the fluctuation in prices of critical inputs in sugar cane production, owing to vagaries created artificially most times by the middlemen and profiteers in the distribution of such inputs as fertilisers, agro chemicals, water pumps and water delivery hoses, which most times goes beyond the capacity of the farmers as a major challenge.

“Let me say now that our drive in the master plan is to first achieve 100 per cent self-sufficiency,” he said. When we do that we can then think about export. It is very important that we stop the huge drain on foreign exchange and in the process create large number of jobs for Nigeria through the implementation of the Sugar Master Plan. That is our priority now,” he said. It is currently estimated that Nigeria will need about 3.1bilion US dollars to achieve self-sufficiency in sugar production.

Source: Guardian Newspaper.

Interbank rates mix as CBN mops-up N84b, injects

Activities in the nation’s financial market last week were marked by unsteady movements in the liquidity level at various times due to a mix of expansionary and tightening policy outcomes.

The week, which started with N1 trillion liquidity balance after the refund of unfulfilled foreign exchange provision by the Central Bank of Nigeria (CBN) and treasury bills maturity, impacted the interbank lending rates

.

Meanwhile, as oil price volatility persists, reaching a low of $29.47 per barrel at the weekend for Brent, foreign exchange reserves touched new lows of $28.7 billion.

The development has rubbed-off negatively on the pricing of the naira, especially in the parallel market, although the official exchange rate had remained stable at N197/$, together with interbank rates at N199.10/$ throughout last week.

Specifically, the Open Buy Back (OBB) and Overnight rates had at first, closed 0.3 per cent and 0.4 per cent lower to settle at 0.9 per cent and 1.2 per cent respectively.

However, the rates trended higher as CBN embarked on liquidity mop-up through the Open Market Operation (OMO) worth N85.3 billion, closing at 1.8 per cent (OBB) and 2.1 per cent for Overnight lending, while average Nigeria Interbank Offered Rate (NIBOR) settled at eight per cent.

Still, upon the maturity of an OMO instrument worth N250 billion at the weekend, OBB, Overnight and average NIBOR rates flipped lower to 1.6 per cent, 1.2 per cent and 7.3 per cent respectively, and with no significant outflows from the system within the week, OBB fell further to 0.8 per cent while Overnight remained at 1.2 per cent.

Already, there is expectation that notwithstanding the Treasury Bills maturities this week, the credit from the Debt Management Office (DMO) January bond auction would shrink liquidity levels, which might cause increase in rates.

Meanwhile, analysts have said the interbank lending rate is expected to rise this week, amid central bank plans to hold treasury bills and bond auctions in its bid to reduce liquidity and raise cash to finance the government budget deficit.

Traders said market liquidity stood at 324 billion naira on Wednesday, the last time the central bank released banking credit balance data, compared with 270.49 billion naira in the same period last week, but traders said it was expected to rise with the matured bills and forex deposit refund.

“Interbank rates should increase next week as the central bank holds treasury bills and a bond auction next week, which will substantially reduce the level of liquidity in the banking system,” an analyst said.

Source: Guardian Newspaper.