CBN Cuts Benchmark Interest Rate From 26.5% to 23%

The Central Bank of Nigeria has reduced the Monetary Policy Rate (MPR) from 26.5% to 23% following the 307th meeting of its Monetary Policy Committee on September 22, 2026. The MPR is the benchmark rate that influences borrowing costs, savings returns, investment decisions and consumer spending across the economy. The reduction could eventually ease lending rates, although banks will determine their own rates. The committee retained the Cash Reserve Requirement at 45% for deposit money banks, 16% for merchant banks and 75% for non-TSA public-sector deposits. It also set the standing facilities corridor at +50 and -300 basis points around the new MPR.

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