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Behavioral Biases in Interest Rate Risk Management: Overconfidence and the Use of Forward Rate Agreements in Nigerian Banks

This study examines how overconfidence bias affects the use of forward rate agreements (FRAs) by Nigerian banks to manage interest rate risk, and addresses a critical gap in African behavioural finance research. The mixed method combines a panel regression analysis of FRA prices and volume of trades (2015-23) with semi-structured interviews with 20 Nigerian risk managers. The central bank of Nigeria (CBN) and FMDQ OTC Securities Exchange (FMDQ) quantitative data were analyzed using fixed-effects models, while qualitative information was coded to identify behavioural narratives. Overconfidence,…

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from https://iiardjournals.org/get/IJEBM/VOL. 11 NO. 4 2025/Behavioral Biases in Interest 259-272.pdf
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Source	OpenAlex research
Collection	International records
Kind	Document
Publisher	IIARD INTERNATIONAL JOURNAL OF ECONOMICS AND BUSINESS MANAGEMENT
Date	2026-09-01
Type	article
Details	openalex authorships.countries:NG,primary topic.subfield.id:3320\|3321\|3308\|1202\|3303\|3312\|2002\|2000\|2003 + local /\bnige
Found at	https://doi.org/10.56201/ijebm.vol.11.no4.2025.pg259.272
Archived copy	Look it up in the Wayback Machine
Record ID	`openalex:W7204881692`

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Behavioral Biases in Interest Rate Risk Management: Overconfidence and the Use of Forward Rate Agreements in Nigerian Banks. OpenAlex research, 2026. Vero Archive, record openalex:W7204881692.