CBN Cuts Key Interest Rate to 23% as Nigeria Seeks to Support Economic Activity
ABUJA, Nigeria — October 5, 2026 — Nigeria’s Central Bank has lowered its benchmark interest rate to 23%, reducing borrowing costs as policymakers seek to support economic activity and improve financial conditions for businesses.
The rate cut comes as Nigerian companies continue to face pressure from high financing costs, taxes and other operating challenges. Lower interest rates could gradually make credit more affordable for businesses, although the impact will depend on how quickly commercial banks adjust their lending rates.
The move will be closely watched by investors and businesses for its potential effects on credit demand, corporate investment and activity across Nigeria’s financial markets.
The latest policy decision highlights the central bank’s effort to balance economic growth with inflation and broader financial stability.
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