The Central Bank of Nigeria (CBN) has launched the Nigerian Overnight Financing Rate (NOFR), a new benchmark interest rate aimed at enhancing transparency, efficiency, and investor confidence in the country’s financial markets. The launch, which took place in Abuja on Tueaday, marks a significant milestone in the apex bank’s ongoing financial sector reforms designed to strengthen market integrity and support sustainable economic growth. Speaking at the unveiling, the Governor of the , , described NOFR as a transparent, transaction-based benchmark that accurately reflects the actual cost of overnight funding in Nigeria’s money market. According to Cardoso, the introduction of NOFR…
Author: Abdoulaye Kay
The Debt Management Office (DMO) has announced the reopening of two Federal Government of Nigeria (FGN) bonds, aiming to raise a combined ₦1.2 trillion at an auction scheduled for Sunday, June 22, 2026. In an official offer circular published Monday, June 15, the DMO disclosed it will offer ₦600 billion each in a 10-year and a 20-year bond reopening, with settlement set for Tuesday, June 24, 2026. Key details of the bond reopening Parameter10-Year Bond20-Year BondInstrument22.60% FGN JAN 203516.2499% FGN APR 2037Offer Size₦600 billion₦600 billionCoupon Rate22.60%16.2499%MaturityJanuary 2035April 2037 The ₦1.2 trillion issuance forms part of the Federal Government’s domestic borrowing…
The naira strengthened against the United States dollar at the official foreign exchange market, closing at N1,356/$ on Monday, its strongest performance since April 2026. Data published by the Central Bank of Nigeria (CBN) showed that the local currency appreciated from N1,365.4/$ recorded at the close of trading on Friday to N1,356/$, representing a gain of N9.4 against the dollar. The latest exchange rate marks the naira’s best closing position since April 23, when it settled at N1,355/$, highlighting a continued recovery in the foreign exchange market. According to the CBN data, the naira traded within an intraday range of…
The Nigerian naira maintained its stability against the British pound sterling on Tuesday, trading at N1,850/£1 in the Nigerian foreign exchange market, even as the pound rebounded in global currency markets. Key exchange rate details Market SegmentGBP/NGN RateOfficial (CBN)N1,850/£1Unofficial (Parallel)N1,900/£1 (buy) – N1,925/£1 (sell)Official USD/NGNN1,350–N1,370/$1 The GBP/NGN spot pair has remained within a stable trading band, with the Central Bank of Nigeria’s latest data confirming a settlement rate of N1,850/£1. Naira’s year-to-year performance The naira has demonstrated strong medium-term performance, appreciating approximately 6.6% against the pound since opening 2026 at N1,948.9/£1. The currency reached its best valuation this year on April 16, hitting a spot…
The Plateau State Government has intensified efforts to contain a cholera outbreak in Mangu Local Government Area after 53 suspected cases and five deaths were recorded across three affected wards. Commissioner for Health, Dr. Nicholas Ba’amlong, disclosed this during a press briefing in Jos on Monday, describing the outbreak as serious but under control with sustained intervention and community cooperation. He said the outbreak, initially reported with eight suspected cases, has spread to Pushit, Mangu 1 and Mangu 2 wards. “As of June 12, 2026, we have recorded 53 suspected cases, 10 Rapid Diagnostic Test-reactive cases, four laboratory-confirmed cases through…
The Nigerian naira recorded a marginal appreciation against the euro on Thursday, closing at N1,573/€1 at the official foreign exchange market, according to data released by the Central Bank of Nigeria (CBN). The local currency strengthened slightly from N1,574/€1 recorded in the previous trading session, reflecting sustained demand for the naira and improved market sentiment. Market analysts noted that the euro-naira exchange rate has continued to weaken in recent sessions as the naira benefits from stronger foreign exchange fundamentals, including improved external reserves and ongoing monetary policy measures by the CBN aimed at stabilising the currency. Nigeria’s foreign reserves are…
A new survey by the Central Bank of Nigeria (CBN) has revealed growing optimism among Nigerians that inflationary pressures will moderate over the next six months, despite persistent concerns over rising living costs and elevated prices of essential goods and services. The findings, contained in the apex bank’s latest Inflation Expectations Survey, showed that while many households and businesses still anticipate prices to rise in the near term, a significant number expect the pace of inflation to slow over the medium term. The survey reflects improving confidence in the country’s economic outlook amid ongoing monetary and fiscal reforms. According to…
The Central Bank of Nigeria (CBN) has proposed tighter restrictions on loans, guarantees, asset transfers and other transactions between banks and their affiliated companies in a move to strengthen financial stability and protect depositors’ funds. The proposal, contained in the draft Guidelines on Ring-Fencing Operations of Closely Linked Entities, seeks to prevent financial troubles in one company within a group from spilling over to regulated banking institutions. Under the framework, transactions between banks and related entities—including fintech subsidiaries, microfinance banks and holding companies—must be conducted on arm’s-length terms, fully documented and disclosed to the regulator. The CBN stated that closely…
Artificial intelligence search engine Perplexity AI is sticking to its 2028 initial public offering (IPO) timeline, regardless of how rival AI companies Anthropic and OpenAI perform with investors, CNBC reported Tuesday. Perplexity CEO Aravind Srinivas confirmed the company’s IPO plan remains unchanged in a CNBC interview that aired on Tuesday, marking the clearest public commitment yet to a 2028 listing. The timeline was set independently of external market conditions and won’t shift based on how competitor AI firms fare with investors. Key points from Srinivas’ interview What he saidWhat it means”Agnostic of these two companies, we were planning for something…
Nigeria’s domestic borrowing plan has received a significant boost as the Federal Government increased its Nigerian Treasury Bills (NTB) issuance programme for the second quarter of 2026 to N4.8 trillion, up from the initial N3.95 trillion target. The revised issuance calendar released by the Debt Management Office (DMO) shows an additional N850 billion in planned Treasury Bills sales, representing a 21.52 per cent increase over the original programme. The adjustment comes against the backdrop of the Central Bank of Nigeria’s (CBN) aggressive liquidity management measures, particularly through large-scale Open Market Operations (OMO) aimed at mopping up excess cash from the…