Nigeria’s Central Bank cuts key rate to 23%

--> The Central Bank of Nigeria cut its key rate from 26.5% to 23% following the 307th meeting of the Monetary Policy Committee, held on September 21–22 in Abuja. The decision was reported by Premium Times Nigeria , citing Central Bank Governor Olayemi Cardoso.

The decision followed two meetings at which the rate was kept at 26.5% — in May and July. In February, the regulator cut it by 50 basis points, from 27%.

According to Cardoso, the committee also decided to revise the parameters of the interest rate corridor around the key rate. The Central Bank explained that this is an operational adjustment aimed at strengthening the monetary policy transmission mechanism and supporting the transition to an inflation-targeting regime, rather than a change in the current monetary policy stance.