CBN cuts interest rate to 23% from 26.5%

The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate from 26.5% to 23%. The CBN's Monetary Policy Committee retained the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45 per cent, while Merchant Banks will continue to maintain a CRR of 16 per cent. The decision reflects the bank's response to prevailing economic conditions. The rate cut is expected to influence borrowing costs and economic activity.

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