CBN Cuts Interest Rate To 26.5%, Lowest Since May 2024

CBN has reduced the benchmark interest rate from 27% to 26.5%, the lowest since May 2024.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the country’s benchmark interest rate from 27 percent to 26.5 percent, signaling a shift in monetary stance amid evolving economic conditions.

CBN Governor Olayemi Cardoso announced the decision on Tuesday at the end of the committee’s 304th meeting held in Abuja.

The new rate represents the lowest level since May 2024, when the Monetary Policy Rate (MPR) stood at 26.25 percent.

The marginal reduction is expected to influence lending rates across the banking sector and could ease borrowing costs for businesses and households.