THE monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the monetary policy rate (MPR) from 27 percent to 26.5 percent.

Olayemi Cardoso, CBN’s governor, announced the rate adjustment at a news conference on Tuesday during the committee’s 304th meeting in Abuja.

The rate cut is the lowest since May 2024, when the interest rate stood at 26.25 percent.