Nigerian Stocks Surge N374bn After MPR Cut to 23%

On September 24, 2026, the Nigerian equities market experienced a significant rally, gaining N374 billion in market capitalization after the Central Bank of Nigeria (CBN) reduced the Monetary Policy Rate (MPR) by 350 basis points from 26.5% to 23%. This reduction led to lower interest rates on Nigerian Treasury Bills (NTBs), with stop rates for the 91-day, 182-day, and 364-day NTBs contracting by 80, 70, and 73 basis points, respectively.

The benchmark NGX All Share Index rose by 0.23%, closing at 251,191.02 points. Analysts, including stockbroker Tunde Oyediran and economist Prof. Tayo Bello, predict that the rate cut will drive higher transaction volumes and share prices as investors migrate from fixed income to equities.

The Debt Management Office reported a bid to offer ratio of 7.1 times for NTBs, with N4.23 trillion bids for N600 billion offered. The auction resulted in N497.58 billion allotted, indicating strong demand in the market.