CBN announces Nigerian financial rate to compete with US, EU

The Central Bank of Nigeria (CBN), successful collaboration with fiscal marketplace dealers, has introduced the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark designed to heighten transparency and fortify monetary argumentation transmission.

This was disclosed successful a connection issued connected Friday by the apex bank’s spokesperson, Hakama Sidi Ali.

According to the CBN, the NOFR is expected to amended terms find and transparency, portion promoting accordant pricing of wealth marketplace instruments crossed Nigeria’s fiscal system.

The regulator noted that the caller benchmark positions Africa’s astir populous state alongside starring planetary notation rates specified arsenic SOFR successful the United States, SONIA successful the United Kingdom, €STR successful the Eurozone, and TONA successful Japan.

“It besides complements African benchmarks specified arsenic JIBAR (South Africa). Following a stakeholder engagement league held connected February 27, 2026, wherever marketplace participants formally adopted the benchmark, and consequent regulatory approval, NOFR is present successful use, with the CBN serving arsenic the benchmark administrator.

“The slope volition guarantee governance, transparency, and regular work of the rate,” CBN stated.

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