CBN resets benchmark interest rate to 23%

The Central Bank of Nigeria has reset the benchmark interest rate, known as the Monetary Policy Rate, to 23 per cent.

According to TheCable, CBN Governor Olayemi Cardoso announced the decision on Tuesday at a news conference following the Monetary Policy Committee’s 307th meeting in Abuja.

The decision sets the Monetary Policy Rate at 23 per cent, a benchmark used by the central bank to influence borrowing costs, credit conditions and liquidity across the Nigerian economy.

The MPC reviews the rate alongside monetary policy measures as part of efforts to manage inflation and maintain price stability.

Cardoso announced the rate after members of the committee concluded their deliberations on monetary and economic conditions.

Details on the committee’s decisions are expected.