Federal government has said that Nigeria has no plans to seek a loan from the International Monetary Fund’s proposed $50 billion support package for economies hit by the Middle East crisis.

Wale Edun, minister of Finance, who stated this, said that Nigeria’s current reliance on domestic economic reforms and fund mobilisation was working.

Edun gave these insights during the African Finance Ministers’ briefing, on Thursday, at the ongoing IMF/World Bank annual meetings, in Washington, DC.

He noted that for over two years, Nigeria’s investment in economic reforms have begun to yield results, restoring policy credibility and strengthening the country’s resilience against global economic shocks.

Edun told the global west and the rest of the world that Nigeria now prioritises market-based adjustments, avoiding administrative controls, particularly in foreign exchange and petroleum pricing mechanisms.

His assertion follows the disclosure by the IMF that a possible $50 billion support to cushion vulnerable economies against the crisis in the Middle East, was on the pipeline.

Despite clarifying Nigeria’s lack of interest in borrowing, Edun, urged the IMF to ensure faster financial assistance for African countries who will need help from the $50 billion global support package.

“Nigeria has no plans at the moment to approach the IMF or any other such body,” Edun said, emphasising that Nigeria’s reliance on market mechanisms had led to smoother economic adjustments, reduced disruptions and is sustaining the country’s macroeconomic trajectory.

“The IMF talked about $50 billion and we all know that the funding will largely go to Africa, because those are the most vulnerable countries. And the reality is that what we’re asking for in this instance, is that the funds and the support be released quickly and at scale.

Central Bank of Nigeria (CBN), in collaboration with financial market dealers, has introduced the Nigerian Overnight Financing Rate (NOFR), a standardized benchmark designed to enhance transparency and strengthen monetary policy transmission.

Olayemi Michael Cardoso, CBN gov

Hakama Sidi Ali, spokesperson of the CBN in a statement on Friday, said that the the NOFR is expected to improve price discovery and transparency, while promoting consistent pricing of money market instruments across Nigeria’s financial system.

The regulator noted that the new benchmark positions Africa’s most populous country alongside leading global reference rates such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan.

“It also complements African benchmarks such as JIBAR (South Africa). Following a stakeholder engagement session held on February 27, 2026, where market participants formally adopted the benchmark, and subsequent regulatory approval, NOFR is now in use, with the CBN serving as the benchmark administrator.

“The bank will ensure governance, transparency, and regular publication of the rate,” CBN stated.

Central Bank of Nigeria (CBN) has released an exposure draft proposing the establishment of a 30-member Mediation and Dispute Resolution Panel (MDRP) aimed at strengthening consumer protection and boosting confidence in Nigeria’s financial system.

Pic credit….aequitasjuris.com

According to a circular signed by Paul Oluikpe, acting director of the Development Finance Advisory Department of the CBN, the establishment of the MDRP, is in furtherance of efforts to strengthen the financial ecosystem, ensure compliance with extant legislation, and enhance the efficiency of financial intermediation.

The draft guidelines and modalities for the operation of the MDRP are in line with the Secured Transactions in Movable Assets (STMA) Act, 2017, which established a MDRP as the first recourse for mediation and settlement over any civil dispute which may arise between the creditor and the grantor in the course of implementing the Act.

The act also mandates the Governor of the Bank to issue guidelines that will set out the modalities and regulate the Panel’s functioning, among others. The circular further noted that the “MDRP is intended to provide a specialised, cost-effective platform for resolving disputes arising from creation, perfection and enforcement of security interests in movable assets.

“The key objective of the MDRP guidelines is to establish a clear and standardised procedure for managing STMA-related disputes, while ensuring transparency, fairness and efficiency to bolster confidence in the secured transactions in movable assets system.”

According to the draft guideline, the CBN will “appoint 30 persons from whom panels shall be constituted, with each panel comprising 3 members.

The members shall serve on a rotational basis for an initial term of four years.

“Upon satisfactory performance, determined through an evaluation by the CBN, members may be reappointed for an additional term of four years. The tenure of members shall not exceed two terms of four years each, which need not be consecutive.

“Members shall be professionals with a minimum of 10 years of relevant experience in any of law, banking, finance, mediation, arbitration, alternative dispute resolution, or financial regulation. Members shall be persons of proven integrity, professional competence and sound judgement.”