The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 50 basis points to 26.50 per cent from 27 per cent.
Naija News reports that the announcement was made on Tuesday, February 24, by the CBN Governor, Olayemi Cardoso, during a press briefing after the 304th Monetary Policy Committee (MPC) meeting.
Cardoso stated that the committee members unanimously agreed to lower the benchmark interest rate.
Despite the adjustment to the MPR, other major monetary policy parameters were left unchanged.
He disclosed that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks.
The 75 per cent CRR on non-Treasury Single Account public sector deposits was also retained.
In addition, the liquidity ratio was maintained at 30 per cent, while the standing facilities corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
“The committee decided to reduce the monetary policy rate by 50 basis points to 26.50 per cent,” he said.
The move represents the first interest rate reduction in several months.
Naija News recalls that during its November 2025 meeting, the MPC opted to retain the MPR at 27.00 per cent, sustaining a tight monetary policy stance in response to inflationary concerns.
The previous downward adjustment of the rate occurred in September last year.
Meanwhile, figures released by the National Bureau of Statistics (NBS) show that Nigeria’s inflation rate eased slightly in January to 15.10 per cent, compared to 15.15 per cent recorded earlier.
