Nigeria’s Monetary Policy Committee Cuts Policy Rate by 350 Basis Points to 23%
On 22 September 2026, Nigeria’s Monetary Policy Committee cut its Monetary Policy Rate by 350 basis points to 23% after three months of declining inflation, which had brought headline inflation to 15.39% in August. The committee adjusted the standing-facilities corridor to +50 and -300 basis points around the new rate while leaving cash-reserve requirements and liquidity ratios unchanged.
The direct report states that Nigeria’s Monetary Policy Committee cut the Monetary Policy Rate by 350 basis points to 23%, the largest cut since February 2026, after three months of declining inflation. This is a material, forward-looking monetary-policy action rather than market-price commentary; the unusually large cut supports high importance and meaningful surprise, although the direction of easing had been anticipated. The real-world date is supported by the source timestamp, but no exact decision time is stated, so 00:00 UTC is used as a date-level estimate and timestamp confidence is reduced. MTN.JO is approved because the provided stakeholder context explicitly links a lower MPR to MTN Nigeria’s funding costs, imported network equipment, and foreign-currency liabilities. The prior decision to create a new Nigeria monetary-policy event is retained.
The Monetary Policy Committee at its 307th meeting slashed the Monetary Policy Rate by 350 basis points, the largest cut since February 2026, after three months of easing inflation that brought headline figures to 15.39 percent in August.
Other measures included adjusting the standing facilities corridor to +50 and -300 basis points around the new rate, while keeping cash reserve requirements and liquidity ratios unchanged.
Nigeria’s central bank sold short-dated debt at the lowest yields this year as investors rushed to lock in returns after the biggest interest-rate cut in almost two decades stoked expectations that future offerings will pay less.