The Central Bank of Nigeria (CBN) has officially introduced the Nigeria Overnight Financing Rate (NOFR), marking a significant development in the country's financial market. The launch took place in Abuja and was led by CBN Governor Mr. Olayemi Cardoso. This new benchmark aims to enhance market integrity and improve the overall efficiency of the financial system in Nigeria. The initiative is expected to provide a more reliable framework for overnight borrowing and lending, thereby fostering greater stability in the financial sector.
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