CBN Cuts Interest Rate to 23% as Inflation Declines

The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 26.5 per cent to 23 per cent following the 307th meeting of its Monetary Policy Committee (MPC) in Abuja.

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday, marking a further easing of monetary policy after the committee held rates at its two previous meetings.

The decision comes amid declining inflation, with the National Bureau of Statistics reporting that Nigeria’s headline inflation rate eased to 15.39 per cent in August 2026, down from 15.43 per cent in July.

The latest figures mark the third consecutive monthly decline in inflation, following three months of increases.