CBN Cuts Interest Rate to 23%
The Central Bank of Nigeria has reduced the benchmark interest rate from 26.5 per cent to 23 per cent. CBN Governor, Olayemi Cardoso, announced the decision on Tuesday after the Monetary Policy Committee’s meeting in Abuja. The rate cut comes amid a decline in Nigeria’s inflation rate, which fell from 15.43 per cent in July to 15.39 per cent in August, according to the National Bureau of Statistics. This is the CBN’s first major rate cut since a 50-basis-point reduction […]