The Monetary Policy Committee of the Central Bank of Nigeria has cut the benchmark interest rate from 26.5 per cent to 23 per cent.

CBN Governor Olayemi Cardoso announced the decision on Tuesday at the end of the Monetary Policy Committee’s 307th meeting in Abuja.

Cardoso said, “The Committee decided as follows: reset the monetary policy rate to 23 per cent.”

The decision comes after the MPC retained the rate at its two previous meetings, following a 50-basis-point cut announced in February 2026.

According to the latest Consumer Price Index report released by the National Bureau of Statistics, Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, down from 15.43 per cent in July.

Details later…