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1I5MF (2005) also points out, however, that remuneration rates on reserves deposited with the central bank should be lower than the cost of borrowing from the central bank at the discount window in order to encourage banks to trade with each other in the interbank market.
As we will argue later, however, persistent high levels of excess liquidity can only be explained by the existence of underdeveloped financial markets such as lack of competition in the banking sector, asymmetric information, or an underdeveloped interbank market and market for government securities.
Poorly developed interbank markets, for example, make it difficult for banks to borrow in order to cover contingencies.
The liquidity requirement is satisfied by holdings of cash in vault, deposits at the central bank in excess of requirements, treasury bills and CBN certificates and placements in discount houses and the interbank market.
2N9 otable omissions include proxies for the liquidity of the interbank market, capital account restrictions, information on the efficiency of the banking sector and regulatory constraints, such as difficulties in raising collateral and the legal environment.
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