UPDATED: CBN CUTS INTEREST RATE TO 26.5 PERCENT, LOWEST SINCE MAY 2024
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The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate (MPR) from 27 percent to 26.5 percent.
Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 304th meeting in Abuja.
The rate cut is the lowest since May 2024 when the interest rate stood at 26.25 percent.
The MPR is the baseline interest rate in an economy, other interest rates used within the economy are built on it.
The MPC’s decision follows a drop in Nigeria’s inflation rate to 15.10 percent in February 2026.
It also comes six months after the MPR was cut to 27 percent since September 2025.
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