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% from 26.5%, Governor Olayemi Cardoso announced in Abuja. Read More: https://punchng.com/breaking-cbn-cuts-interest-rate-to-23-at-mpc-meeting/
The Central Bank of Nigeria's Monetary Policy Committee (MPC) has reduced the benchmark interest rate to 23 percent, down from 26.5 percent. Governor Olayemi Cardoso made the announcement at the conclusion of the committee's 307th meeting in Abuja. Cardoso stated that the committee had decided to reset the monetary policy rate to 23 percent.
This decision comes after two previous meetings where the MPC held rates steady and a 50-basis-point cut announced in February 2026. The reduction in interest rates follows consecutive declines in Nigeria's inflation rates. The National Bureau of Statistics' latest Consumer Price Index report indicates that Nigeria's headline inflation rate decreased slightly to 15.39 percent in August 2026 from 15.43 percent in July.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.