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CBN reduces interest rate from 26.5% to 23%
The Central Bank of Nigeria (CBN) has cut down its benchmark interest rate from 26.5 percent to 23 percent.
This was disclosed by the CBN Governor, Olayemi Cardoso on Tuesday after the 307th monetary policy committee’s meeting in Abuja.
Cardoso noted: “The Committee decided as follows: reset the monetary policy rate at 23 percent.”
The committee had kept the rate untempered at its two preceding meetings, after a 50-basis-point cut in February 2026.
While the Cash Reserve Requirement (CRR) was retained at 45 percent for deposit money banks, 16 percent for merchant banks, and 75 percent for non-TSA public sector deposits, the committee further adjusted the standing facility corridor to +50 and -300 basis points
Details later…
