The Central Bank of Nigeria, in collaboration with the Financial Markets Dealers Association on Friday announced the introduction of the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market.

The disclosure was contained in a press statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the statement, the introduction of NOFR positions Nigeria alongside global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan, while also complementing Africa’s JIBAR benchmark in South Africa.

The apex bank explained that the new rate aligns Nigeria with global standards for short-term interest rate benchmarks and is expected to improve pricing efficiency in the money market

“NOFR was developed to align Nigeria with global best practices in short-term interest rate benchmarks.

It is expected to improve price discovery and transparency while promoting consistent pricing of money market instruments,” it added.

MTN Nigeria has announced the temporary suspension of its airtime and data credit service, Xtratime, in compliance with new regulatory requirements governing digital lending in the country.

The company disclosed this in a corporate notice filed with the Nigerian Exchange Group, NGX, on Thursday.

Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.

In the notice signed by the Company Secretary, Uto Ukpanah, MTN said the suspension is necessary to align with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.

Despite the suspension, MTN assured subscribers that alternative channels for purchasing airtime and data remain available, including banking applications and USSD platforms.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation of 89 microfinance banks (MFBs) and primary mortgage banks (PMBs) whose licences were revoked.

The affected institutions are largely microfinance banks operating across multiple states, including Lagos, Anambra, Ogun, Osun, Ondo, Akwa Ibom, Oyo, FCT, Kaduna, Delta, Edo and Kano, reflecting the spread of small-scale lenders within the financial system.‎

‎The development follows the revocation of licences of 179 MFBs and four PMBs by the Central Bank of Nigeria (CBN) in May 2023, after which selected institutions acquired the assets and liabilities of 89 of the defunct banks under a purchase and assumption arrangement.

‎Under the arrangement, new operators were issued licences to take over the operations of the affected institutions, which have since resumed business under different names across several states.‎

The NDIC said it would, in its capacity as liquidator, approach the Federal High Court to obtain orders for the dissolution of the defunct banks and its discharge as liquidator, in line with its enabling law and other relevant provisions.‎‎

The move signals the conclusion of a resolution process initiated after the regulatory action taken in 2023, with the transfer of assets and liabilities already completed and successor institutions in operation.