The Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent from 26.5 per cent. CBN Governor Olayemi Cardoso announced the decision at the end of the two-day Monetary Policy Committee (MPC) meeting in Abuja, describing it as a "reset and recalibration" of monetary policy rather than a shift to an easing stance. Cardoso stated that CBN reforms have restored confidence and rebuilt external reserves to $55 billion amid foreign exchange stability. Analysts and the Organised Private Sector, including the LCCI, Rewane, Oye, Uwaleke, Yusuf, and Oyerinde, welcomed the decision, expressing shock at the magnitude of the rate cut and raising expectations of cheaper credit.
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