CBN Governor, Olayemi Cardoso, disclosed the decision on Tuesday during a press briefing in Abuja following the MPC’s 302nd meeting.
“The Committee decided as follows: (1) reduce the Monetary Policy Rate by 50 basis points to 27 percent,” Cardoso told journalists.
Background
The move comes after the MPC maintained rates through three consecutive meetings earlier in the year, holding firm at 27.50 percent.
According to Cardoso, the cut reflects confidence in Nigeria’s current macroeconomic direction, citing consistent disinflation trends in recent months as a key factor behind the decision.
He further noted that the adjustment is aimed at supporting economic growth while ensuring that inflation remains on a downward trajectory.
Context and Previous Trends
The Punch observed that the apex bank had raised interest rates six times in 2024, in response to soaring inflationary pressures. Analysts believe today’s decision signals a cautious shift toward easing, as inflation begins to moderate and the CBN seeks to balance price stability with growth.
More details are expected as the CBN releases the full communiqué of the MPC meeting.
