The Central Bank of Nigeria has reduced its benchmark interest rate from 26.5 per cent to 23 per cent following the latest meeting of the Monetary Policy Committee.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the conclusion of the committee’s 307th meeting in Abuja.
Cardoso said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”
The latest reduction comes after the MPC retained the interest rate at its previous two meetings. It also follows the 50-basis-point reduction announced by the committee in February 2026.
The decision was taken against the backdrop of a recent moderation in Nigeria’s inflation rate, which has recorded successive declines.
According to the latest Consumer Price Index released by the National Bureau of Statistics, headline inflation fell slightly to 15.39 per cent in August from 15.43 per cent in July 2026.
The August figure represented the third consecutive monthly decline in the inflation rate after three successive months of increases.
More to come…
