Nigeria’s Central Bank slashes Benchmark Rate to 23% in surprise 350-point cut

CBN cut Nigeria’s benchmark rate to 23% from 26.5%, a 350-basis-point surprise ease.

Standing facilities corridor was reset to +50/–300 basis points around the new 23% MPR.

Cash reserve ratios stayed at 45%, 16% and 75% for banks and non-TSA deposits.

Inflation had eased to 15.39% in August, but most analysts had expected a hold.

Nigeria’s Central Bank slashes Benchmark Rate to 23% in surprise 350-point cut

CBN cut Nigeria’s benchmark rate to 23% from 26.5%, a 350-basis-point surprise ease.

Standing facilities corridor was reset to +50/–300 basis points around the new 23% MPR.

Cash reserve ratios stayed at 45%, 16% and 75% for banks and non-TSA deposits.

Inflation had eased to 15.39% in August, but most analysts had expected a hold.

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