Nigeria, April 18 -- The Central Bank of Nigeria (CBN) has collaborated with the Financial Markets Dealers Association (FMDA) to introduce the Nigerian Overnight Financing Rate (NOFR) as a standardised money market benchmark.

The CBN said the effort is aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria's money market.

The introduction of NOFR was disclosed in a statement signed by the CBN Acting Director, Corporate Communications, Hakama Ali, on Friday.

According to the central bank, the money market benchmark was introduced to align Nigeria with global best practices and to improve price discovery and transparency.

The CBN added that the effort will also boost investor confidence and st...