Regulatory Alerts2026-04-08 | FMD/DIR/INT/DGP/001/076Added · Updated
Policy Framework for the Nigerian Overnight Financing Rate (NOFR)
The Central Bank of Nigeria establishes the Nigerian Overnight Financing Rate (NOFR) as the official overnight risk-free benchmark, calculated as the volume-weighted trimmed mean of eligible NGN-denominated secured repo transactions. Participating banks are required to report eligible transactions with a minimum size of NGN 5,000,000,000 by 9:00 p.m. Lagos time daily, with failure to comply subject to monetary penalties and supervisory sanctions. The CBN publishes the final rate at 10:00 a.m. the following business day, applying a fallback methodology based on the policy rate if data thresholds regarding transaction count, bank participation, or aggregate volume are not met.
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