CBN Cuts Benchmark Interest Rate to 23% as Inflation Eases and Naira Stabilises

The Central Bank of Nigeria has reduced the benchmark interest rate from 26.5% to 23%, following an improvement in key economic indicators. Inflation has fallen to 15.39%, while the naira has been relatively stable and external reserves have continued to rise. Official GDP figures also indicate stronger economic growth than earlier in the year. The cut may gradually reduce borrowing costs for businesses and manufacturers, although commercial bank loans are unlikely to become cheaper immediately. The decision signals that the CBN may be shifting from strict economic stabilisation towards supporting growth.

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