Overnight Financing Market Rises to N87.9trn as Maximum Rate Drops to 22%
Kayode Tokede
The Central Bank of Nigeria (CBN) has revealed that the total traded volume at Nigeria’s Overnight Financing Market increased to N87.9 trillion in 19 days of business activities of July 2026 as the maximum rate dropped to 22 per cent from 32 per cent in June 2026.
The Nigeria’s Overnight Financing Rate (NOFR) is designed to serve as Nigeria’s overnight risk-free reference rate, reflecting the cost of secured overnight Naira funding among eligible financial institutions.
As a robust and transaction-based benchmark, NOFR is aimed to support accurate pricing of financial instruments and promote standardization in financial contracts, deepen market development, and align Nigeria with global best practices in benchmark rate reforms.
