CBN Reports N87.9trn Overnight Financing Market Growth

The Central Bank of Nigeria (CBN) announced that the total traded volume at Nigeria’s Overnight Financing Market reached N87.9 trillion over 19 business days in July 2026, with the maximum rate dropping to 22% from 32% in June 2026. The Nigeria’s Overnight Financing Rate (NOFR), introduced on April 17, 2026, serves as a risk-free reference rate for overnight Naira funding among eligible financial institutions.

The formal launch occurred on June 15, 2026, in Abuja, in collaboration with the Financial Markets Dealers Association (FMDA). Data from the CBN indicated a significant increase in trading activity, with total traded volume rising by 43% to N96.36 trillion in May 2026 from N67.58 trillion in April 2026, and a further increase to N97.45 trillion in June 2026.

Despite heightened market activity, the NOFR remained stable at 22% for most of the period, with only three instances of an increase to 32% on specific dates in July 2026. CBN Governor Olayemi Cardoso described the NOFR as a crucial reform for enhancing transparency and aligning Nigeria’s financial markets with global standards.