CBN Governor Olayemi Cardoso Cuts Interest Rate to 23%

On September 23, 2026, the Monetary Policy Committee of the Central Bank of Nigeria, chaired by Governor Olayemi Cardoso, announced a reduction of the benchmark interest rate by 350 basis points, lowering it from 26.5% to 23%. This decision was made during the committee’s 307th meeting in Abuja.

Cardoso emphasized that this adjustment should not be seen as a shift towards monetary easing but rather as a recalibration to enhance monetary policy transmission. The committee also adjusted the standing facilities corridor and maintained the Cash Reserve Requirement for various banks.

Following this rate cut, leaders from the Organised Private Sector urged commercial banks to pass on the benefits to borrowers, asserting that the rate reduction alone would not address the financing challenges faced by businesses. Cardoso noted improvements in macroeconomic conditions and stated that Nigeria's gross external reserves had reached $55.25 billion, the highest in 18 years.