BREAKING: CBN cuts interest rate to 23 percent

The Central Bank of Nigeria, CBN, has cut its interest rate to 23 per cent from 26.5 per cent.

The CBN Governor, Olayemi Cardoso, disclosed this during a briefing after the 307th Monetary Policy Committee, MPC meeting on Tuesday.

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

He added that the apex bank has been able to raise the country’s foreign reserves to $55 billion. 

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

Recall 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.