CBN cuts Nigeria’s monetary policy rate to 23% after MPC meeting

The Monetary Policy Committee of the Central Bank of Nigeria has crashed the benchmark interest rate to 23 per cent from 26.5 per cent. The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 307th meeting in Abuja. Cardoso said, “The Committee decided as follows: reset the monetary policy […] The post CBN Cuts Interest Rate To 23% At MPC Meeting appeared first on Information Nigeria.

The Central Bank of Nigeria’s Monetary Policy Committee has cut the benchmark interest rate by 350 basis points to 23 per cent from 26.5 per cent.CBN Governor Olayemi Cardoso announced the decision on Tuesday after the committee’s 307th meeting in Abuja.“The Committee decided as follows: reset the monetary policy rate to 23 per cent,” Cardoso said.The reduction marks the second rate cut of 2026, following a 50-basis-point cut in February. The MPC had held the rate steady at 26.5 per cent at its two previous meetings.The move comes amid easing inflation. Nigeria’s headline inflation rate edged down to 15.39 per cent in August 2026 from 15.43 per cent in July, according to the National Bureau of Statistics. The latest figure represents the third consecutive monthly decline after earlier rises.While lowering the Monetary Policy Rate, the committee retained the Cash Reserve Requirement at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account public sector deposits.It also recalibrated the Standing Facilities Corridor to +50/-300 basis points around the new MPR. This sets the Standing Lending Facility at 23.5 per cent and the Standing Deposit Facility at 20 per cent.    

The Central Bank of Nigeria, CBN, has cut its interest rate to 23 per cent from 26.5 per cent. The CBN Governor, Olayemi Cardoso, disclosed this during a briefing after the 307th Monetary Policy Committee, MPC meeting on Tuesday. Announcing the rate cut, Cardoso said, “The Committee decided as follows: reset the monetary policy rate […] BREAKING: CBN cuts interest rate to 23 percent

“It emphasised that the recalibration of the corridor does not constitute a change in the current monetary policy stance, but rather an operational reset to enhance the effectiveness of monetary policy and support the transition to an inflation targeting framework," CBN said. The post CBN cuts interest rate to 23% appeared first on Premium Times Nigeria.

“It emphasised that the recalibration of the corridor does not constitute a change in the current monetary policy stance, but rather an operational reset to enhance the effectiveness of monetary policy and support the transition to an inflation targeting framework," CBN said. The post JUST IN: CBN cuts interest rate to 23% appeared first on Premium Times Nigeria.

The Central Bank of Nigeria’s Monetary Policy Committee has cut the benchmark interest rate to 23% from 26.5%, Governor Olayemi Cardoso announced in Abuja. Read More: https://punchng.com/breaking-cbn-cuts-interest-rate-to-23-at-mpc-meeting/