The Monetary Policy Committee of the Central Bank of Nigeria has reduced the benchmark interest rate from 26.5 per cent to 23 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the conclusion 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 latest reduction comes after the MPC maintained the rate at its two previous meetings. It also follows a 50-basis-point reduction announced in February 2026.
The decision to ease monetary policy comes amid a recent moderation in Nigeria’s inflation rate.
READ ALSO:
- FirstEase: How FirstBank Is Making Big-Ticket Purchases and Everyday Bills Easier
- Sophia Momodu Recalls Struggles Of Becoming A Mother To Davido’s Child Out Of Wedlock
- Super Eagles Camp Opens In Akwa Ibom As Over 20 Players Arrive For AFCON Qualifiers
- CBN Cuts Interest Rate To 23% As Inflation Continues To Ease
- Disu Warns Politicians Against Thuggery, Vote-Buying Ahead Of 2027 Elections
Data from the National Bureau of Statistics’ latest Consumer Price Index report showed that headline inflation declined slightly from 15.43 per cent in July to 15.39 per cent in August 2026.
The latest figure represents the third consecutive monthly decline in inflation following three successive months of increases.