CBN Crashes Interest Rate by 350bps to 23%, Market Expects Cheaper Credit
• Cardoso declares rate adjustment a “reset and recalibration” of monetary policy rather than shift to easing stance •Says CBN reforms have restored confidence, rebuilt external reserves to $55bn amid
On Monday, the Central Bank of Nigeria (CBN) reduced the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent. The move, announced by CBN Governor Olayemi Cardoso at the end of a two-day Monetary Policy Committee (MPC) meeting in Abuja, is expected to encourage cheaper credit for private sector operators. Analysts and the Organised Private Sector welcomed the decision.
CBN Governor Cardoso described the rate adjustment as a "reset and recalibration" of monetary policy, rather than a shift to an easing stance. The move aimed to recalibrate the transmission mechanism and strengthen the effectiveness of monetary policy.
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