CBN lowers interest rate to 23% in operational monetary reset
Nigeria’s Central Bank has reduced its interest rate to 23%, according to Premium Times. The bank said the recalibration was an operational reset intended to improve the effectiveness of monetary policy and support the transition to an inflation-targeting framework, rather than a change in its current policy stance.
The Central Bank of Nigeria has cut its interest rate to 23%, according to Premium Times. The bank said the move involved recalibrating the monetary-policy corridor. It described the measure as an operational reset designed to improve the effectiveness of monetary policy.
The CBN also said the adjustment would support Nigeria’s transition to an inflation-targeting framework. In its explanation, the bank emphasised that the recalibration did not represent a change in the current monetary-policy stance. The supplied material does not provide the previous rate, the effective date of the change, or further details about the corridor adjustment.
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