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Events / Regulatory / Nigeria introduces new benchmark rate
Regulatory rate introduction

Nigeria introduces new benchmark rate

Analysis based on 10 articles · First reported Apr 17, 2026 · Last updated Apr 18, 2026

Sentiment
70
Attention
6
Articles
10
Market Impact
General
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Market Impact

The introduction of the Nigerian Overnight Financing Rate (NOFR) by the Nigeria — Central Bank of Nigeria is expected to significantly improve transparency and price discovery in Nigeria's money market. This move aims to boost investor confidence and strengthen risk management, aligning Nigeria's financial system with global best practices.

Financial Services Banking Investment Banking
Event Summary

The Nigeria — Central Bank of Nigeria, in collaboration with the Financial Markets Dealers Association, has introduced the Nigerian Overnight Financing Rate (NOFR). This new standardized benchmark aims to enhance transparency, strengthen monetary policy transmission, and deepen Nigeria's money market. The Nigerian Overnight Financing Rate (NOFR) is a transaction-based benchmark for secured overnight funds in the interbank market, designed to align Nigeria with global best practices seen in benchmarks like the Nigerian Overnight Financing Rate (SOFR) in the United States and the SONIA (interest rate) (SONIA) in the United Kingdom. The Nigeria — Central Bank of Nigeria will serve as the administrator, ensuring governance, transparency, and regular publication of the rate. This initiative is expected to improve price discovery, promote consistent pricing of money market instruments, support financial innovation, and boost investor confidence in Nigeria's financial system.

Entities Involved
per
Hakam Ali
Hakam Ali, as the spokeswoman for the Nigeria — Central Bank of Nigeria, signed the statements announcing the introduction of the Nigerian Overnight Financing Rate (NOFR).
Importance 20.0 Sentiment 0.0
oth
SONIA (interest rate)
The SONIA (interest rate) (SONIA) is cited as a comparable global benchmark in the United Kingdom, serving as a reference for the Nigerian Overnight Financing Rate (NOFR).
Importance 10.0 Sentiment 0.0
oth
Euro Short-Term Rate
The Euro Short-Term Rate (€STR) is referenced as a comparable global benchmark in the Eurozone, highlighting the international alignment of the Nigerian Overnight Financing Rate (NOFR).
Importance 10.0 Sentiment 0.0
oth
TONAR
The TONAR (TONA) is mentioned as a comparable global benchmark in Japan, demonstrating the global standards the Nigerian Overnight Financing Rate (NOFR) aims to meet.
Importance 10.0 Sentiment 0.0
oth
Johannesburg Interbank Average Rate
The Johannesburg Interbank Average Rate (JIBAR) is noted as a complementary African benchmark, reinforcing Nigeria's integration into global financial markets with the Nigerian Overnight Financing Rate (NOFR).
Importance 10.0 Sentiment 0.0
alliance
Eurozone
The Eurozone is mentioned as a region with a comparable benchmark, the Euro Short-Term Rate (€STR), which the Nigerian Overnight Financing Rate (NOFR) aims to emulate.
Importance 5.0 Sentiment 0.0
cnt
Japan
Importance 0.0 Sentiment 0.0
cnt
United Kingdom
Importance 0.0 Sentiment 0.0
cnt
South Africa
Importance 0.0 Sentiment 0.0
cnt
Nigeria
Importance 0.0 Sentiment 0.0
cnt
United States
Importance 0.0 Sentiment 0.0
cbnk
Nigeria — Central Bank of Nigeria
Importance 0.0 Sentiment 0.0
Relationships
Eurozone related ↔ Japan
Eurozone related ↔ United Kingdom
Japan related ↔ United Kingdom
Japan related ↔ South Africa
Japan related ↔ Nigeria
United Kingdom related ↔ South Africa
United Kingdom related ↔ Nigeria
South Africa related ↔ Nigeria
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