CBN cuts interest rate to 23%

Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has cut the benchmark interest rate from 26.5% to 23%.

The announcement was made by the Governor of Central Bank of Nigeria, Olayemi Cardoso, following the 307th MPC meeting held in Abuja on Tuesday.

Cardoso said the committee agreed to reset the Monetary Policy Rate (MPR) to 23 per cent.

“The Committee decided as follows: reset the monetary policy rate to 23 per cent,” he said.

The move follows a hold at the two previous MPC briefings, and a 50-basis-point cut announced in February 2026.

It was observed that the MPC’s decision to cut rates occurred amid consecutive decreases in Nigeria’s inflation rates.

According to the most recent Consumer Price Index report released by the National Bureau of Statistics, Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026 from 15.43 per cent recorded in July.

It was observed that the current inflation rate marked its third decline after three consecutive monthly increases.

More details to follow…