The Central Bank of Nigeria, CBN, has reduced its benchmark interest rate from 26.5 per cent to 23 per cent.
CBN Governor, Olayemi Cardoso, announced the decision at the end of the Monetary Policy Committee’s 307th meeting in Abuja.
Cardoso said the committee reviewed recent developments in the global and domestic economic environment, assessed emerging risks to the economic outlook and considered their potential implications for monetary policy.
The reduction represents a 3.5 percentage-point cut in the benchmark rate and marks a significant shift in the CBN’s monetary policy stance.
The committee’s decision is expected to have implications for borrowing costs, credit conditions and other areas of the domestic economy.
