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 (NOFR) was introduced by the Central Bank of Nigeria (CBN) in April, according to data released by the apex bank.
The July figure represented an increase of about 1.9 per cent over the N102.9 trillion recorded in June and marked the highest monthly trading volume since the benchmark became operational.
CBN data showed that activity in the overnight funding market accelerated significantly from May and remained elevated through July, reflecting increased transactions among financial institutions.
Total traded volume rose by 32.6 per cent to N96.36 trillion in May, from N72.66 trillion in April, before climbing further to N102.9 trillion in June and N104.9 trillion in July.
The NOFR is a transaction-based benchmark designed to measure overnight borrowing costs in Nigeria’s money market. It provides a reference rate for pricing financial instruments and contracts, while giving regulators and market participants an indication of short-term liquidity conditions.
An analysis of daily market data between April 13 and July 31, 2026, showed that despite the substantial increase in transaction volumes, the benchmark rate remained remarkably stable at around 22 per cent.
CBN data as of July 31 showed that the maximum NOFR stood at exactly 22 per cent on 12 of the 31 trading days covered by the published figures.
The combination of rising transaction volumes and relatively stable funding costs suggests that the market absorbed substantially higher overnight financing activity without corresponding upward pressure on borrowing rates.
It also indicates that banks and other market participants were able to execute larger overnight transactions without significantly disrupting short-term funding conditions.
The CBN formally introduced the NOFR on April 17, 2026, in collaboration with the Financial Markets Dealers Association (FMDA), while its official public launch was held in Abuja on June 15.
Speaking at the launch, CBN Governor, Olayemi Cardoso, described the benchmark as a significant financial market reform designed to strengthen transparency, improve monetary policy transmission and align Nigeria’s money market with international benchmark reforms.
Similar transaction-based benchmarks include the Secured Overnight Financing Rate (SOFR) in the United States, the Sterling Overnight Index Average (SONIA) in the United Kingdom, the Euro Short-Term Rate (€STR) in the Eurozone and the Tokyo Overnight Average Rate (TONA) in Japan.
“The introduction of NOFR represents a significant reform that reinforces the Central Bank of Nigeria’s commitment to building a more resilient, efficient and credible financial services sector,” Cardoso said.
According to him, benchmark interest rates constitute the backbone of modern financial systems because they provide reference points for pricing financial instruments, managing liquidity and transmitting monetary policy decisions across the economy.
He explained that global financial markets had increasingly shifted from judgement-based benchmarks to transaction-based rates derived from actual market activity, partly to minimise the risk of manipulation and strengthen transparency.
Cardoso added that the NOFR was designed to reflect the actual cost of overnight funding in Nigeria’s money market by relying on observable transactions rather than subjective estimates.
, offering Nigerian professionals and university academics an opportunity to undertake fully funded fellowships in the UK.
Applications for the programme opened on July 28, 2026, and will close at 4:00 p.m. BST on August 25, 2026.
The fellowship is designed for mid-career professionals and university academics from eligible Commonwealth countries, including Nigeria. Successful applicants will spend between six weeks and three months in the UK, depending on the fellowship category.
Announcing the programme on X, the UK in Nigeria urged eligible candidates to submit their applications before the deadline.
“Applications are currently open for the #CommonwealthFellowships 2026/27! Professional Fellowships for mid-career professionals and Academic Fellowships for PhD-holding university staff. Open to candidates from all Commonwealth countries till 25 August 26.”
According to the Commonwealth Scholarship Commission (CSC), the programme has two categories: the Commonwealth Professional Fellowship and the Commonwealth Academic Fellowship.
The Professional Fellowship is aimed at experienced professionals seeking to develop their skills and expertise through placements with UK organisations working in their respective fields.
The Academic Fellowship is designed for university lecturers and researchers who hold a PhD and are employed by a recognised university in an eligible Commonwealth country outside the UK.
Around 40 fellowship places are expected to be available for the 2026/27 cycle, with about 30 allocated to applicants from Commonwealth countries eligible for official development assistance, including Nigeria.
For the Commonwealth Professional Fellowship, applicants must have at least five years of relevant full-time work experience, or the equivalent in part-time experience, before the fellowship begins.
Applicants for the Commonwealth Academic Fellowship must hold a PhD and be employed by a recognised university in an eligible Commonwealth country outside the UK.
All applicants must also meet several general requirements.
They must: be citizens of, or have refugee status in, an eligible Commonwealth country; be permanently resident in an eligible Commonwealth country; be employed by an organisation they intend to return to after completing the fellowship; provide at least two references, including one from their current employer, unless they are self-employed; not have received a Commonwealth Fellowship within the previous five years.
Professional Fellowships will last between six weeks and three months and are expected to begin between mid-February and mid-March 2027.
Academic Fellowships will run for three months, with programmes scheduled to begin in January or February 2027.
Successful applicants are therefore expected to undertake their fellowships in the UK in early 2027.
Interested Nigerian applicants must complete the online application through the Commonwealth Scholarship Commission’s application portal before the August 25 deadline. Applications close at 4:00 p.m. BST on August 25, 2026.
Applicants would be required to provide information and documents including: Educational qualifications; employment history; relevant professional experience; publications and awards, where applicable; two references; a personal statement; a development impact statement; leadership and voluntary experience; and a scanned copy of a valid passport or national identity card.
The development impact statement is an important part of the application. Candidates are expected to explain how their proposed fellowship aligns with one of the CSC’s six development themes and how the skills and knowledge gained will contribute to development in their home country after they return.
The six themes are: science and technology for development; improving health systems and population health; innovation and entrepreneurship; peace, security and governance; crisis response and resilience; and ccess, inclusion and opportunity.
The Commonwealth Fellowship is fully funded, meaning successful applicants do not have to cover the main costs associated with undertaking the programme in the UK.
According to the CSC, fellows will receive: return airfare between their home country and the UK; reimbursement of the standard UK visa application fee; a monthly stipend of £2,218, or £2,753 for fellows based in the London metropolitan area; an arrival allowance of up to £1,247.09; additional funding for approved conferences, short courses and visits to other UK organisations where necessary.
For Nigerian professionals and academics seeking international exposure and professional development, the fellowship provides an opportunity to gain experience in the UK while receiving financial support for travel and living expenses.
Eligible candidates are encouraged to complete their applications before the August 25, 2026 deadline.