The Central Bank of Nigeria (CBN) has lowered its monetary policy rate to 23 percent, down from 26.5 percent, following the 307th meeting of its Monetary Policy Committee (MPC) on Tuesday.
CBN Governor Olayemi Cardoso announced the decision in a briefing after the meeting, stating, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”
Cardoso also highlighted that the apex bank has increased the country’s foreign reserves to $55 billion, a figure that may support the recent rate adjustment.
The rate cut comes after the MPC had left the policy rate unchanged at the two previous meetings and after a 50‑basis‑point reduction announced in February 2026.
Inflation has eased slightly, falling to 15.39 percent in August from 15.43 percent in July, marking two consecutive months of decline for Nigeria’s consumer price index.
<small>Source: Daily Post Nigeria — read the original story there.</small>
