CBN Monetary Policy Adjustments

The Central Bank of Nigeria cut its Monetary Policy Rate by 350 basis points to 23 percent, but yields on fixed-income securities remain above 17 percent, indicating that the policy change has not yet affected market returns for banks.

The Central Bank of Nigeria cut its benchmark interest rate by 350 basis points to 23% in September. Despite this, banks continue to earn yields above 17% on certain securities, indicating that market rates may not decline as expected.

The Central Bank of Nigeria sold N2.628 trillion in Open Market Operations bills on October 22, 2026, surpassing its initial N2 trillion offer by N628.52 billion. This auction saw increased stop rates, indicating a potential resumption of rate increases.