Central Bank of Nigeria introduces new overnight financing rate to enhance money market transparency
via Punch Nigeria3 min read
The Central Bank of Nigeria CBN has launched the Nigerian Overnight Financing Rate NOFR, a new benchmark for the country's money market. This initiative, developed in collaboration with the Financial Markets Dealers Association, aims to improve transparency, strengthen monetary policy transmission, and deepen Nigeria's financial system. The CBN's Acting Director of Corporate Communications, Hakama Sidi-Ali, stated that NOFR aligns Nigeria with global standards for short-term interest rate benchmarks, similar to SOFR in the United States and SONIA in the United Kingdom. The rate is expected to enhance price discovery, promote consistent pricing of money market instruments, and support financial innovation. NOFR is a risk-free benchmark reflecting the cost of overnight secured funding in the interbank market, based on actual transactions. It is not a monetary policy tool but serves as a reference for pricing financial instruments. The benchmark is published daily and its methodology will be reviewed annually by the CBN. While it will play a key role for investors in pricing and risk management of naira-denominated financial instruments, retail customers will not see direct changes to savings or loan rates.
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The Federal Government has introduced emergency hotlines and a WhatsApp channel for reporting school bullying cases, following a Stakeholders Consultative Dialogue on Anti-Bullying in Schools organized by International Alert Nigeria in Abuja. The initiative aims to address the widespread issue of bullying in Nigerian schools, where studies indicate 70 to 85 percent of students have experienced it. The Permanent Secretary, Federal Ministry of Education, Abel Enitan, represented by Assistant Director Gender, Augustina Apakasa, announced the ministry's reporting channels: 09012660044 for calls, 08052536133 for WhatsApp messages, and antibullying@education.gov.ng for emails. The National Agency for the Prohibition of Trafficking in Persons NAPTIP, represented by Director, Violence Against Persons Prohibition, Rebecca Enwusoyele, also provided a toll-free short code, 627, and an email address, @naptip.com.gov, noting that while bullying is not explicitly mentioned in the Violence Against Persons Prohibition Act 2015, sections on intimidation, threat, and placing someone in fear can be applied. The National Safe School Response Coordination Centre, represented by Special Assistant Adebola Adeoye, also urged the public to use its hotline, 09131232323. Programme Manager of International Alert Nigeria, Sunday Jimoh, stated that a communiqué and advocacy note would be produced to engage policymakers on the implementation of existing anti-bullying legislation.
Must ReadThe United Nations Children’s Fund UNICEF and the Government of the Republic of Korea have initiated a routine immunisation investment in the Badagry Local Government Area of Lagos State. This program aims to reach thousands of zero-dose children across Nigeria. UNICEF Nigeria Country Representative, Wafaa Saeed, highlighted the initiative as crucial for closing immunisation gaps and protecting vulnerable children, noting that Nigeria has an estimated 2.2 million zero-dose children, the highest number in Africa. Saeed emphasized that the challenge is not a lack of vaccines but issues of access and equity, and commended the Federal Government for prioritizing immunisation. The Consul General of the Republic of Korea in Lagos, Lee Sang Ho, stated that Korea will contribute $70 million globally to the project, with $5.6 million allocated to Nigeria. This funding will support efforts in 40 local government areas across Lagos, Ogun, Niger, Bauchi, Adamawa, and the Federal Capital Territory, focusing on reducing zero-dose vaccinations and strengthening immunisation systems. Lagos State Commissioner for Health, Akin Abayomi, affirmed that the initiative aligns with the state's commitment to inclusive healthcare and ensuring equitable access to quality immunisation for every child.
The Niger State Government has reaffirmed its commitment to establishing the Niger State Carbon Market Office to position the state as a key player in Nigeria’s emerging carbon market ecosystem. This initiative is part of a broader strategy by the state government to align environmental sustainability with economic growth, revenue diversification, and investment attraction. The Secretary to the State Government, Abubakar Usman, stated that this represents a major milestone in the state’s development agenda, focusing on forward-looking policies under Governor Umar Bago's leadership. The carbon market initiative is viewed as a strategic economic intervention designed to access climate finance, stimulate green investments, create jobs, and strengthen the state’s revenue base. The SSG's office will coordinate policy alignment and collaboration across government institutions, ensuring a whole-of-government approach. The state will adopt a phased implementation approach for efficiency and sustainability. The Governor will provide strategic leadership, the SSG’s office will oversee coordination, and the Ministry of Environment will serve as the interim focal point. The Niger State Carbon Market Office will act as the central coordinating platform. The structure is designed to reduce bureaucracy and improve execution. Niger State will leverage international partnerships and external expertise in areas like carbon accounting, Monitoring, Reporting and Verification, project certificati
The Federal Competition and Consumer Protection Commission FCCPC has refuted claims that it banned airtime borrowing and data advance services in Nigeria, labeling such reports as false and misleading. This clarification follows public concern sparked by social media posts and media reports suggesting the Commission had halted telecom credit services. Airtel and MTN Nigeria had announced temporary suspensions of their airtime and data credit services. The FCCPC, through its Director of Corporate Affairs, Ondaje Ijagwu, stated that no such directive was issued and consumers can still access lawful telecom value-added services. The Commission attributed service disruptions to certain operators' failure to comply with its Consumer Lending Regulations, introduced in July 2025. These regulations were developed due to numerous consumer complaints regarding opaque charges, unexplained deductions, aggressive recovery practices, and inadequate accountability in digital lending and advance services. The framework aims to ensure transparency, accountability, and fair competition by mandating proper registration, responsible lending, clear disclosure of fees, accessible complaint channels, and data protection. The FCCPC also found that some operators engaged in anti-competitive practices, including exclusionary arrangements with third-party service providers, in violation of the Federal Competition and Consumer Protection Act, 2018. Despite granting operators an initial 90-day compliance