The Central Bank of Nigeria has cut its benchmark interest rate from 26.5 percent to 23 percent.
Governor Olayemi Cardoso delivered the news on Tuesday, September 22, 2026. He spoke to journalists straight after the Monetary Policy Committee wrapped its meeting in Abuja.
Cardoso said the committee had reviewed economic conditions both overseas and at home. They weighed fresh risks to the outlook and considered what those might mean for monetary policy.
The main decisions were these:
Adjustment of the MPR:** The benchmark rate now sits at 23 percent.
Policy Corridor Recalibration: The standing facilities corridor has been reset to plus 50 and minus 300 basis points around the new MPR.
Retention of CRR: The Cash Reserve Requirement stays at 45 percent for Deposit Money Banks, 16 percent for merchant banks, and 75 percent for non-TSA public sector deposits.
“The committee decided to reset the MPR and recalibrate the policy corridor as an important operational realignment aimed at strengthening monetary policy transmission and reinforcing the primacy of the Monetary Policy Committee,” the Governor stated.
More details to follow.
