The Central Bank of Nigeria (CBN) has cut its benchmark interest rate from 26.5 per cent to 23 per cent, marking a significant shift in the country’s monetary policy direction.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday in Abuja at the conclusion of the Monetary Policy Committee’s 307th meeting.
The 3.5 percentage-point reduction lowers the benchmark rate at which monetary policy is transmitted across the financial system and could have implications for borrowing costs, investment and economic activity.
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