By Samuel Akpan
Nigeria’s apex bank stunned markets Tuesday by slashing its benchmark interest rate to 23 percent up from 26.5 percent after two meetings of holding firm.
Governor Olayemi Cardoso announced the decision at the close of the Monetary Policy Committee’s 307th session in Abuja.
“The Committee decided as follows: reset the monetary policy rate to 23 per cent,” Cardoso said.
The move follows unchanged rates at the previous two briefings and a 50-basis-point cut delivered in February 2026.
The latest Consumer Price Index from the National Bureau of Statistics (NBA) showed headline inflation easing only slightly to 15.39 percent in August from 15.43 percent in July.
Details shortly …