- The MPC cut the Monetary Policy Rate from 26.5% to 23% at its 307th meeting
- The CBN says the move realigns its benchmark with market rates near 22%
- Manufacturers warn that bank lending rates could stay close to 30%
CBN cuts benchmark rate to 23% in its biggest reduction since 2006
The Central Bank of Nigeria has lowered its policy rate by 3.5 percentage points, calling the move a reset rather than a change of stance.
The Central Bank of Nigeria (CBN) has made its boldest interest-rate move in years. At the close of the 307th meeting of its Monetary Policy Committee (MPC) in Abuja on Tuesday, 22 September, the bank lowered the Monetary Policy Rate (MPR), the benchmark that anchors borrowing costs across the economy, from 26.5% to 23%. The 350-basis-point reduction is the largest…