The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the benchmark interest rate from 26.5% to 23%.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the conclusion of the committee’s 307th meeting in Abuja.
“The Committee decided as follows: reset the monetary policy rate to 23 per cent,” Cardoso said.
The latest cut comes after the MPC maintained the rate at its previous two meetings and followed a 50-basis-point reduction announced in February 2026.
The decision comes amid a sustained moderation in Nigeria’s inflation rate. According to the latest Consumer Price Index released by the National Bureau of Statistics (NBS), headline inflation eased marginally to 15.39% in August 2026, from 15.43% in July.
August’s figure marks the third consecutive monthly decline in headline inflation following three months of increases.
