Market update
The CBN cuts its benchmark rate to 23%
The largest cut in years could ease borrowing costs for developers and buyers. Here is what it means for property.
By Peermont Desk, Friday, 23 October 2026
The Central Bank of Nigeria reduced the Monetary Policy Rate from 26.5% to 23% at its Monetary Policy Committee meeting on 21 and 22 September 2026. It is the second cut this year, after a smaller reduction in February, and one of the largest single cuts in almost two decades.
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