Economy
Monetary Shake-Up! CBN Unveils New Interest Rate Benchmark
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The Central Bank of Nigeria on Friday unveiled the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market, a move aimed at boosting transparency and improving the effectiveness of monetary policy.
The announcement was made in a statement by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, who noted that the initiative was developed in partnership with the Financial Markets Dealers Association to strengthen Nigeria’s financial system.
According to the apex bank, the new benchmark is designed to bring Nigeria in line with global standards for short-term interest rates, while enhancing price discovery and ensuring more consistent pricing across money market instruments.
The CBN explained that NOFR is expected to improve monetary policy transmission, encourage financial innovation, and boost investor confidence, while also reinforcing risk management practices within the financial system.
With the introduction of NOFR, Nigeria joins other economies that use similar benchmarks, such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, TONA in Japan, and JIBAR in South Africa.
The bank disclosed that the rate followed a stakeholder engagement held on February 27, 2026, where market participants adopted the framework before receiving regulatory approval. NOFR is now operational, with the CBN serving as its administrator and responsible for ensuring transparency, governance, and regular publication.
Further details provided in an FAQ document show that NOFR is a risk-free benchmark reflecting the cost of overnight secured lending in the interbank market. Unlike estimates, it is based strictly on actual transactions, improving accuracy and credibility.
The rate is published daily at 10:00 a.m. on the next business day and applies only to naira-denominated overnight secured interbank transactions that meet specified criteria. It is calculated using a volume-weighted trimmed mean approach to remove outliers and ensure reliability.
Where there is insufficient transaction data, the previous day’s rate will be retained and clearly disclosed to maintain consistency.
The CBN clarified that NOFR is not a replacement for key monetary policy tools such as the Monetary Policy Rate but will serve as a reference for pricing financial instruments, contracts, and some corporate loans.
For investors, the benchmark is expected to improve valuation, pricing, and risk management of naira assets, thereby deepening activity in the domestic money market.
While retail customers may not see immediate changes in loan or savings rates, the bank noted that increased transparency from the new system should strengthen overall confidence in Nigeria’s financial sector.
On governance, the CBN stated that any adjustments to the rate would only occur in cases of significant errors and would be fully disclosed, adding that the methodology will be reviewed at least once a year to keep it aligned with market realities.
Nigeria’s Gross Domestic Product, GDP, grew by 3.89 percent in real terms in the first quarter of 2026, as the non-oil sector accounted for 96.08 percent.
The National Bureau of Statistics, NBS, disclosed this in its GDP report for Q1 2026 released on Monday.
The Q1 GDP figure is higher than the 3.13 percent recorded in the similar period in 2025.
Details of the report showed that nominal GDP stood at N110.79 trillion, while in real terms it is N51.26 trillion as of Q1 2026.
NBS further said that the services sector contributed more to the aggregate GDP at 57.73 percent in the period under review.
However, when compared to the fourth quarter of 2025, the country’s GDP slowed by 0.10 percent.
“Gross Domestic Product grew by 3.89 percent (YoY) in real terms in Q1 2026, higher than the 3.13 percent recorded in Q1 2025.
“In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1 2026 at 57.73%,” NBS stated.
The report showed that the oil sector contributed 3.92 percent while the non-oil sector accounted for 96.08 percent.
Economy
Cooking gas price hits N2,000/kg in Lagos, N1,600 in Abuja as marketers battle supply shortages
Cooking gas prices are surging across parts of Lagos, Ogun, and Abuja amid growing concerns by marketers over worsening supply shortages and mounting operational costs in the liquefied petroleum gas (LPG) sector.
TheCable observed on Monday that prices peaked to N1,400 and N2,000 per kilogramme (KG) across various locations.
In Ikorodu, Lagos, cooking gas was sold for N1,800 per kg, up from N1,300 almost a month ago.
Prices reportedly increased at Afeeze Bus Stop in Ogba to N2,000/kg from N1,500 within the last three weeks.
In Akoka, Yaba, consumers bought the product at N1,500/kg, while the commodity sold for N1,400/kg in Ojota, Lagos.
Consumers in parts of the RCCG camp area in Mowe, Ogun state, also purchased cooking gas at N2,000/kg, while the product is selling for N1,500/kg in Owerri, Imo state.
In the federal capital territory (FCT), prices varied across locations, with residents in Lugbe reporting N1,480/kg, while consumers in Lokogoma paid N1,600/kg.
Reacting to the development, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) bemoaned the current LPG supply challenges.
According to NAN, in a joint statement signed by Edu Inyang, president of the association, and Bassey Effiong, executive secretary of NALPGAM, said consumers across the country now purchase cooking gas at more than N1,500 per kg.
The association said operators currently pay between N25.2 million and N26.2 million for a 20-metric-tonne truck of LPG, depending on the location.
The rising cost and erratic supply of cooking gas have imposed severe hardship on households, food vendors, small businesses and low-income earners who depend on LPG for daily cooking,” NALPGAM said.
The group warned that the crisis threatens years of progress by the government and private investors to promote clean cooking energy as an alternative to firewood, charcoal, and kerosene.
NALPGAM also expressed concern over challenges confronting marketers nationwide, including persistent supply shortages, high depot prices, logistics bottlenecks, and rising operational costs.
The association said without urgent intervention, the situation could worsen food inflation, force LPG businesses to shut down, trigger job losses, and undermine Nigeria’s clean energy goals.
We cannot stand by and watch millions of Nigerian families suffer in silence while access to clean cooking energy becomes increasingly unaffordable,” the statement reads.
NALPGAM called on the federal government and industry stakeholders, including the ministry of petroleum resources, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), NNPC Limited, domestic producers, and terminal operators, to intervene and stabilise the LPG market.
The association also recommended increased domestic gas allocation, improved product availability, transparent distribution systems, reduced importation and storage bottlenecks, and strategic measures to stabilise prices.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 25th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
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The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 25th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11400 and buy at ₦1385 on Monday, 25th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1374
Lowest Rate ₦1370
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