The Central Bank of Nigeria (CBN) has announced a 50 basis point reduction in its benchmark interest rate, lowering it from 27.5% to 27%.
This marks the first rate cut since 2020, signaling a shift towards a more accommodative monetary policy.
Governor of the CBN, Olayemi Cardoso attributed the decision to a consistent decline in inflation, with the latest data showing a year-on-year rate of 20.12% in August.
This represents the fifth consecutive monthly decrease, following a period of elevated inflation in 2024.
The CBN‘s Monetary Policy Committee (MPC) also adjusted the cash reserve requirement (CRR) for commercial banks to 45%, while maintaining the CRR for merchant banks at 16%. Additionally, a 75% CRR was introduced for non-Treasury Single Account (TSA) public sector deposits.
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Economists had anticipated a more substantial rate cut, with some projecting a 75 basis point reduction.
The current adjustment reflects the CBN’s cautious approach to balancing inflation control with economic growth stimulation.
This policy shift is expected to ease borrowing costs for businesses and consumers, potentially stimulating investment and economic activity. However, challenges such as high inflation compared to regional peers and structural economic issues remain.
The CBN’s decision underscores its commitment to supporting economic growth while maintaining price stability in a gradually improving macroeconomic environment.