The Central Bank of Nigeria (CBN) has cut its interest rate to 23 per cent from 26.5 per cent.
Philips News reports that this was disclosed by the CBN Governor, Olayemi Cardoso, during a briefing after the 307th Monetary Policy Committee, MPC meeting on Tuesday, September 22, 2026.
Announcing the rate cut, Cardoso said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”
The CBN Governor added that the apex bank has been able to raise the country’s foreign reserves to $55 billion.
PhilipsNews reports that the MPR cut follows a hold at the two previous MPC meetings and a 50-basis-point cut announced in February 2026.
This newspaper recalls that Nigeria’s inflation rate fell for two consecutive months in July and August 2026, declining to 15.39 per cent in August from 15.43 per cent recorded in July.
