CBN Lowers Monetary Policy Rate to 26.5% in Abuja

On Tuesday, the Central Bank of Nigeria (CBN) announced a reduction in the Monetary Policy Rate (MPR) to 26.5%, down from the previous rate of 27%. This decision was made by CBN Governor Mr. Olayemi Cardoso during a press briefing following a meeting of the Monetary Policy Committee (MPC) held in Abuja.

The reduction in the MPR is a response to recent moderate headline inflation and positive developments in the macroeconomic environment. The CBN aims to address these economic factors through this adjustment in the benchmark interest rate.

Further details regarding the implications of this decision will be provided later.