{
  "id": 16166407,
  "title": "CBN reset rates by 350bps, yet market is still offering banks yields above 17%",
  "url": "https://urgent.news/2026/10/23/cbn-reset-rates-by-350bps-yet-market-is-still-offering-banks-yields",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T08:56:43.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/23/cbn-reset-rates-by-350bps-yet-market-is-still-offering-banks-yields-above-17/"
  },
  "original_language": "en",
  "account": null,
  "summary": "The Central Bank of Nigeria (CBN) recently cut its benchmark interest rate by 350 basis points in September, but banks continue to offer yields above 17%. This discrepancy raises questions about how lower rates will impact bank interest income. Despite the CBN lowering the Monetary Policy Rate from 26.5% to 23% and recalibrating standing facilities, banks can still earn over 17% on certain CBN and government securities, while overnight liquidity with the apex bank yields 20%. The latest Open Market Operations auction indicates that fixed-income yields may not fall as sharply as initially expected, potentially cushioning the impact of the rate cut on bank earnings.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}