The Central Bank of Nigeria has officially launched the Nigerian Overnight Financing Rate (NOFR). It’s a transparent benchmark built directly on actual transactions, meant to show the real cost of overnight funding in the money market.
CBN Governor Olayemi Cardoso spoke at the launch in Abuja. He called NOFR a major step. It should enhance market integrity. The rate will improve price discovery, strengthen risk management, and boost investor confidence.
The team developed it with the Financial Markets Dealers Association (FMDA). The European Bank for Reconstruction and Development (EBRD) backed the project. The hope is that NOFR will deepen Nigeria’s financial markets and support sustainable economic growth.
