The Central Bank of Nigeria,on Tuesday, slashed its interest rate to 23 per cent from 26.5 per cent.
CBN Governor, Olayemi Cardoso, disclosed this during a briefing after the 307th Monetary Policy Committee meeting.
Cardoso while announcing the rate cut, said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”
He added that the CBN had been able to raise the country’s foreign reserves to $55 billion.
The MPR cut follows a hold at the two previous MPC meetings and a 50-basis-point cut announced in February 2026.
Recall that Nigeria’s inflation rate fell for two consecutive months in July and August 2026, declining to 15.39 per cent in August from 15.43 per cent recorded in July.
