BREAKING: CBN cuts interest rate to 23% at MPC meeting
The Central Bank of Nigeria’s Monetary Policy Committee has cut the benchmark interest rate to 23 per cent from 26.5 per cent, says Governor Olayemi Cardos Read More: https://punchng.com/breaking-cbn-cuts-interest-rate-to-23-at-mpc-meeting/
The Central Bank of Nigeria (CBN) has reduced the benchmark interest rate to 23% in a decision made at the Monetary Policy Committee's (MPC) latest meeting. Governor Olayemi Cardoso revealed this at the close of the committee's 307th session in Abuja. The rate reduction follows two previous meetings where the committee maintained the rate, and a 50-basis-point decrease announced in February 2026.
The decision came as Nigeria's inflation rates have been declining consecutively. In its latest Consumer Price Index report, the National Bureau of Statistics disclosed that Nigeria's headline inflation rate fell slightly to 15.39% in August 2026 from 15.43% in July. This rate reduction marks the third decline in inflation after three consecutive increases.
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