The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate from 26.5 per cent to 23 per cent.
Sponsored Ads
CBN Governor Olayemi Cardoso announced the decision on Tuesday after the 307th meeting of the Monetary Policy Committee.
Sponsored Ads
The rate reduction followed two consecutive MPC meetings where the committee retained the existing rate. It also comes after a 50-basis-point cut approved in February 2026.
RELATED STORIES
Related Posts
Cardoso also disclosed that Nigeria’s foreign exchange reserves had risen to $55 billion, reflecting an increase in the country’s external financial buffers.
The latest decision comes as inflation continues to ease. Nigeria’s inflation rate declined for the second consecutive month in August, falling to 15.39 per cent from 15.43 per cent recorded in July.
The CBN’s adjustment is expected to influence borrowing costs, lending activities and other financial conditions across the economy.
Comments are closed.