CBN eases monetary policy, slashes MPR to 23%

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) to 23 per cent from 26.50 per cent.

CBN Governor, Olayemi Cardoso, announced the development at a news conference in Abuja on Tuesday, September 22, 2026.

Cardoso said the Monetary Policy Committee (MPC) of the apex bank reset the MPR to 23 per cent at its 307th meeting.

He added: “Standing Facilities Corridor: Recalibrated at +50 / -300 basis points around the MPR.

“Cash Reserve Requirement (CRR): Retained at 45% for Deposit Money Banks, 16% for Merchant Banks, and 75% for non-TSA public sector deposits.”