The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has lowered the benchmark interest rate to 23 per cent, down from 26.5 per cent.
The CBN Governor, Olayemi Cardoso, made the announcement on Tuesday at the close of the committee’s 307th meeting in Abuja.
Cardoso stated, “The Committee decided as follows: reset the monetary policy rate to 23 percent.”
This decision comes after rates were held steady at the two previous MPC briefings, as well as a 50-basis-point cut that was announced in February 2026.
Based on the latest Consumer Price Index report published by the National Bureau of Statistics, Nigeria’s headline inflation rate dropped slightly to 15.39 per cent in August 2026, compared with the 15.43 per cent recorded in July.
Chronicle NG noted that the current inflation rate represented its third decrease following three straight monthly rises.
Details later…
