Overnight Financing Market Fund Depreciated by 6.5% to N98.08tn in August  

The Central Bank of Nigeria (CBN) reported that the total overnight financing market rate (NOFR) closed August 2026 at N98.08 trillion, a 6.5% month-on-month decline from the N104.9 trillion traded in July 2026. Analysts interpret this decline as a sign of easing pressure in the overnight money market, indicating that banks had less need to source funds overnight. The NOFR is a benchmark measure of unsecured overnight borrowing costs and serves as a key indicator of short-term liquidity conditions. The CBN aims for the NOFR to support accurate pricing of financial instruments and align Nigeria with global best practices in benchmark rate reforms.

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