The Central {Bank} of Nigeria (CBN), in collaboration with the {Financial} Markets Sellers Affiliation (FMDA), on Friday disclosed the introduction of the Nigerian In a single day Financing Fee (NOFR).
An announcement launched by Ag. Director, Company Communications, Mrs. Hakama Sidi-Ali, indicated that NOFR “is a standardised benchmark geared toward enhancing transparency, strengthening financial coverage transmission, and deepening Nigeria’s cash market.”
The platform was developed to align Nigeria with world finest practices in short-term rate of interest benchmarks.
“It’s anticipated to enhance worth discovery and transparency whereas selling constant pricing of cash market devices.
“It is going to improve the effectiveness of financial coverage, help {financial} innovation, increase investor confidence, and strengthen threat administration throughout the {financial} system,” the assertion learn partially.
The introduction of NOFR positions Nigeria alongside main world benchmarks reminiscent of SOFR (United States), SONIA (United Kingdom), €STR (Eurozone), and TONA (Japan).
“It additionally enhances African benchmarks reminiscent of JIBAR (South Africa).
“Following a stakeholder engagement session held on February 27, 2026, the place market contributors formally adopted the benchmark, and subsequent regulatory approval, NOFR is now in use, with the CBN serving because the benchmark administrator.
“The {bank} will guarantee governance, transparency, and common publication of the speed.”