Overnight funding benchmark: useful context for business borrowing
The story
Central Bank of Nigeria
CBN’s reforms page records the April introduction of the Nigerian Overnight Financing Rate benchmark.
CBN’s reform overview records a March directive concerning designated naira accounts for international money-transfer settlements.
Why it matters
Finance teams can distinguish money-market benchmarks from the final rate in a business loan agreement.
For a borrowing or payment decision, the useful comparison is the actual offer: its fees, eligibility, repayment terms and currency exposure. A benchmark or programme announcement is one part of that assessment; it does not settle the cost faced by a particular household or business.
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