CBN unveils NOFAR to deepen financial markets, boost transparency

From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) on Monday formally launched the Nigerian Overnight Financing Rate (NOFAR), a landmark financial market reform designed to strengthen monetary policy transmission, improve transparency, and deepen the country’s financial markets.
Speaking at the launch ceremony in Abuja, CBN Governor, Mr. Olayemi Cardoso, described the introduction of NOFAR as a significant milestone in the nation’s ongoing financial sector transformation and a key step towards building a more resilient, efficient, and credible financial system.
According to Cardoso, benchmark interest rates serve as the backbone of modern financial systems, providing refe...