The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has cut the benchmark interest rate by 350 basis points, from 26.5 per cent to 23 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 307th meeting in Abuja.
Cardoso said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”
The decision comes after the MPC kept the policy rate unchanged at its two previous meetings. It had last cut the rate by 50 basis points in February 2026.
The rate cut also comes amid a sustained easing in Nigeria’s inflation rate.
According to the latest Consumer Price Index report released by the National Bureau of Statistics, headline inflation fell marginally to 15.39 per cent in August 2026, from 15.43 per cent in July.
The August reading marked the third consecutive monthly decline in inflation, following three straight months of increases.
