The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 26.5% to 23%.
CBN Governor, Olayemi Cardoso, revealed this on Tuesday at the end of the Monetary Policy Committee’s 307th meeting in Abuja
He noted that the committee examined recent trends in the global and domestic economic environment, considered emerging risks to the outlook and evaluated their potential for monetary policy.
The latest reduction comes after the MPC kept the rate unchanged at its two preceding meetings, following a 50-basis-point cut in February 2026.
The CBN governor said the Committee also recalibrated the standing facility corridor to +50 and -300 basis points around the MPR,
This was done while retaining the Cash Reserve Requirement (CRR) at 45% for deposit money banks, 16% for merchant banks, and 75% for non-TSA public sector deposits.
According to him, the decision came as an important operational realignment aimed at strengthening monetary policy transmission and enforcing the primacy of the rate.
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