The London Interbank Offer Rate (LIBOR) is an internationally accepted forward-looking benchmark interest rate that indicates lending costs between banks and is published daily by ICE Benchmark Administration Ltd via the Intercontinental Exchange. Despite a track record of about forty (40) years, LIBOR is being phased out due to issues around its validity as a benchmark rate.
In this article, we examine the way forward for the Nigerian financial market with respect to this transition. Click here to continue reading