Breaking: CBN Reduces Monetary Policy Rate to 23% as MPC Reviews Economic Conditions

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) to 23 per cent following the latest meeting of its Monetary Policy Committee (MPC).

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the conclusion of the committee’s 307th meeting held in Abuja.

Cardoso said the committee resolved to reset the benchmark interest rate at 23 per cent, signalling a change in the central bank’s monetary policy position.

“The Committee decided as follows: reset the monetary policy rate to 23 per cent,” the CBN governor said while announcing the outcome of the meeting.

The Monetary Policy Rate is the benchmark interest rate used by the CBN to influence borrowing and lending conditions within the Nigerian financial system. Changes in the rate can affect the cost of credit for businesses and individuals, as well as investment and economic activity.

The latest decision comes as the apex bank continues to monitor developments in inflation, financial conditions and other key economic indicators. The MPC’s decisions are aimed at maintaining monetary and financial stability while supporting sustainable economic activity.

The reduction in the MPR is expected to attract attention from businesses, investors, banks and other participants in the financial sector, particularly because changes in the benchmark rate can influence lending rates and access to credit.

Further details of the committee’s resolutions are expected to provide more information on its assessment of the Nigerian economy and its outlook for inflation, interest rates and economic growth.

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