CBN reduces interest rate to 27%

The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 27.5 percent to 27 percent, marking the first adjustment of the year.

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday, September 23, at a press briefing in Abuja, following the conclusion of the Monetary Policy Committee’s (MPC) 302nd meeting.

Cardoso explained that the interest rate reduction was part of the apex bank’s efforts to “balance inflationary pressures with the need to stimulate economic growth.”

“This adjustment reflects the Committee’s assessment of current economic realities and its resolve to provide stability while creating room for sustainable growth” he said

The MPC’s decision was expected to have ripple effects across Nigeria’s financial markets, influencing borrowing costs, investment flows and consumer demand.