JUST IN: CBN Cuts Interest Rate to 23%
The Monetary Policy Committee of the Central Bank of Nigeria has cut 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 rate to 23 per cent.”
The move follows a hold at the two previous MPC briefings and a 50-basis-point cut announced in February 2026.
The decision comes amid consecutive decreases in Nigeria’s inflation rate.
According to the most recent Consumer Price Index report released by the National Bureau of Statistics, Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026 from 15.43 per cent recorded in July.
It marks the third consecutive decline after three months of increases.
More details to come…..