The Central Bank of Nigeria’s Monetary Policy Committee cut its policy rate from 26.5% to 23% at its 307th meeting on 21–22 September. The central bank’s decisions page records the new rate as announced on 22 September.
The committee also reset the standing facilities corridor to +50/-300 basis points around the policy rate. It kept cash reserve requirements at 45% for deposit money banks, 16% for merchant banks and 75% for public-sector deposits outside the Treasury Single Account.
The decision record lists the changes but its short summary does not contain the full rationale. A rate cut by itself does not guarantee a particular effect on credit, inflation or the exchange rate; outcomes depend on monetary transmission and other conditions.
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