The Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN has crashed the benchmark interest rate to 23% from 26.5%.
CBN Governor, Olayemi Cardoso at the end of the committee’s 307th meeting in Abuja says the move follows a hold at the two previous MPC briefings, and a 50-basis-point cut announced in February 2026.
The MPC’s decision to cut rates occurred amid consecutive decreases in Nigeria’s inflation rates.
The current inflation rate marked its third decline after three consecutive monthly increases.
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