CBN Aggressively Slashes Interest Rate to 23% in Major Economic Shift
Nigeria’s Central Bank has implemented its biggest rate cut on record, lowering the benchmark Monetary Policy Rate (MPR) by 350 basis points to 23 percent from 26.5 percent.
The reduction was announced by the CBN Governor, Olayemi Cardoso, on Tuesday, 22 September 2026, following the conclusion of the committee’s 307th MPC meeting in Abuja.
The MPC’s decision follows three consecutive months of easing headline inflation, which softened to 15.39 per cent in August 2026.
Alongside the rate adjustment, Governor Cardoso revealed that Nigeria’s gross foreign reserves have successfully climbed to $55 billion
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