The Central Bank of Nigeria (CBN) made a major policy announcement today, September 22, 2026, cutting its benchmark interest rate drastically.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reset the monetary policy rate (MPR) to 23 percent, representing a 350 basis points cut from its previous hold of 26.5%.
At the conclusion of its 307th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Olayemi Cardoso announced a surprise interest rate cut amidst speculation that rates would be held constant again.
The unexpected, forceful cut follows consecutive months of moderating inflation and greater relative stability in the foreign exchange market.
Standing Facilities Corridor: Recalibrated to +50 / -300 basis points around the MPR.
Cash Reserve Requirement (CRR): Retained at 45% for Deposit Money Banks, 16% for Merchant Banks, and 75% for non-TSA public sector deposits.
Details later…
