Nigeria’s interest-rate story has entered a familiar chapter: the Central Bank of Nigeria (CBN) has been cutting its benchmark rates, but businesses are still waiting for the full benefit to reach their loan accounts. Director-General of the Institute for Police and Security Policy Research (IPSPR), Dr Charles Omole, has highlighted the concern, saying successive reductions in the Monetary Policy Rate (MPR) have yet to translate into significantly lower borrowing costs for businesses. The CBN’s latest figures show that the Monetary Policy Committee cut the MPR by 350 basis points, from 26.5 per cent to 23 per cent at its September 21–22, 2026 meeting. The move followed a 50-basis-point reduction in February, while the rate was held at 26.
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