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[BUSINESS] · Nigeria · 39 sources

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Part of situation: Monetary policy and lending rate shifts in Nigeria (9 clusters)

Central Bank of Nigeria cuts benchmark interest rate to 23%

Monetary Policy Rate Central Bank of Nigeria interest rate cut inflation external reserves

The Central Bank of Nigeria (CBN) has implemented a major monetary policy shift, cutting its benchmark Monetary Policy Rate (MPR) by 350 basis points from 26.5% to 23%. Announced by Governor Olayemi Cardoso following the 307th Monetary Policy Committee meeting, the decision is described as an “operational reset” intended to improve policy transmission and support a transition toward an inflation-targeting framework.

The rate reduction follows a period of moderating inflation, with headline inflation falling to 15.39% in August 2026 from 15.43% in July. Alongside the MPR cut, the committee recalibrated the Standing Facilities Corridor to +50/-300 basis points around the new benchmark. However, the Cash Reserve Requirement (CRR) remains unchanged at 45% for deposit money banks.

Economic indicators show strengthening external buffers, with Nigeria's gross external reserves reaching $55.25 billion as of September 18, 2026, the highest level in over 18 years. While the Manufacturers Association of Nigeria (MAN) welcomed the cut as a way to lower borrowing costs, experts note that the impact on commercial lending rates and consumer credit may be gradual depending on bank liquidity and operating costs.

Entities

Abuja · Central Bank of Nigeria · Manufacturers Association of Nigeria · Monetary Policy Committee · National Bureau of Statistics · Nigerian Exchange · Olayemi Cardoso

Claims

What the coverage asserts, and how many sources carry each claim.

Sources

FX reforms, oil inflows push reserves above $54bn [cedmagazineng.com]
Réserves Nigeria : une marge de manœuvre accrue [afrikactus.com]
CBN Rate Cut Puts Pressure On Fixed Income Yields [mmsplusng.com]
Nigeria Press Review | Wednesday, 21 September 2026 [www.hilltopvoices.com]
CBN resets interest rate to 23% [solacebase.com]
CBN targets rate disconnect with 350bps MPR reset [businessamlive.com]
MPC 307th: Resetting The Economy [theglittersonline.com.ng]
How Interest Rate Cut Will Affect Ordinary Nigerians [gwg.ng]
JUST IN: CBN Slashes Interest Rate to 23% in Major Policy Shift [tgnews.com.ng]
BREAKING: CBN Slashes MPR to 23% in Major Rate Cut [newsonlineng.com]
Slower Inflation Keeps MPC Rate Move in Spotlight [radarr.africa]
Nigeria Banking Liquidity Rises to N7. 45tn as Interest Rates Ease After CBN Reset [investorsking.com]
Naira to Dollar exchange rate today, Thursday, September 24, 2026 [www.gistreel.com]
CBN Slashes MPR to 23% in Major Rate Cut [primanews.org]
Naira Depreciates Across FX Markets On Liquidity Squeeze [dmarketforces.com]
MAN welcomes 350bp MPR cut, lists 13 measures to turn cheaper borrowing into real relief for manufacturers [bizwatchnigeria.ng]
NECA commends CBN’s MPR reduction [realnewsmagazine.net]
CBN cuts interest rate to 23% as inflation cases [nationalaccordnewspaper.com]
CBN Cuts Interest Rate to 23 Percent [newscentraltv.com]
CBN Slashes Interest Rate to 23% in Biggest Cut in History as Inflation Eases - InsideBusiness - Business News in Nigeria [insidebusiness.ng]
CBN MPC Weigh Rate Cut as Oil Price Jump Above $100 [nnn.ng]
CBN cuts interest rate to 23 per cent [businesselitesafrica.com]
Dollar To Naira Exchange Rate Today, September 24, 2026 [osundefender.com]
MPR Cut: Why cheaper loans may not come soon - Experts [www.premiumtimesng.com]
CBN’s 350bp Rate Reset Reshapes Nigeria’s Monetary Policy With Mixed Expectations [www.tekedia.com]
CBN seeks improved monetary policy transmission to boost output [tribuneonlineng.com]
LCCI Seeks Cheaper Credit For Businesses After CBN Rate Cut [thewhistler.ng]
CBN Cuts Interest Rate To 23% From 26. 5% As Inflation, FX Conditions Improve [brandspurng.com]
In record MPR reset, CBN cuts interest rate to 23%. What does it mean for Nigerians? [www.withinnigeria.com]
CBN Crashes Interest Rate by 350bps to 23%, Market Expects Cheaper Credit [www.thisdaylive.com]
CBN's 350bps Rate Cut to 23% Set to Push Yields Lower [www.fellowpress.com]
CBN cuts interest rate to 23%, vows to contain election liquidity - TheCitizen - It's all about you [thecitizenng.com]
CBN cuts interest rates to 23% [www.lindaikejisblog.com]
CBN Cuts MPR To 23% From 26. 5% As MPC Revises Policy [www.arise.tv]
CBN Cuts Interest Rate To 23% [www.naijanews.com]
NTB stop rates crash across tenors after CBN's 350bps rate cut; see new rates [nairametrics.com]
The missing layer of Nigeria’s economic transformation [businessday.ng]
LCCI urges banks to lower lending rates after CBN cut [punchng.com]
BoG weighs on rising inflation risks as inflation climbs to 5% [www.myjoyonline.com]