BREAKING: CBN Cuts Interest Rate to 23% from 26.5%

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has announced its first rate cut in a while at its Monetary Policy Committee (MPC) meeting, which concluded on Tuesday, September 22, 2026, in Abuja.

The central bank Governor, Mr Olayemi Cardoso, while briefing newsmen on the outcome of the two-day MPC meeting today, said members of the team agreed to slash the rate amid a declining inflation rate.

He disclosed that the Monetary Policy Rate (MPR) is now 23.00 per cent, 3.50 per cent lower than the previous 26.50 per cent.

In addition, it was agreed that the Standing Facilities Corridor should be recalibrated at +50/-300 basis points around the MPR, while the Cash Reserve Ratio (CRR) was retained at 45.00 per cent for Deposit Money Banks (DMBs), 16.00 per cent for Merchant Banks, and 75 per cent for non-TSA public sector.

Last week, the National Bureau of Statistics (NBS) said the inflation rate for August 2026 moderated to 15.39 per cent from 15.43 per cent in July 2026.