At N104.9tn, Nigeria’s Overnight Financing Market Hits New Monthly Record in July 2026
Kayode Tokede Nigeria’s overnight financing market recorded an all-time high trading volume of N104.9 trillion in July 2026, sustaining the sharp expansion in activity since the Nigerian Overnight Financing Rate
Nigeria's overnight financing market reached a record high trading volume of N104.9 trillion in July 2026, according to data released by the Central Bank of Nigeria (CBN). This marked a 32.6 percent increase from May 2026 and represented the highest monthly volume since the benchmark was introduced in April 2026. The National Overnight Financing Rate (NOFR), introduced by the CBN, remained stable at around 22 percent during the period, indicating that the market absorbed higher transaction volumes without significant upward pressure on borrowing rates.
CBN Governor Olayemi Cardoso described the NOFR as a crucial reform to strengthen transparency, improve monetary policy transmission, and align Nigeria's money market with international standards.
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