The CBN cuts its benchmark rate to 23%

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.

The committee also moved the corridor around the rate, putting the Standing Lending Facility at 23.5% and the Standing Deposit Facility at 20%. The cash reserve requirement for commercial banks stayed at 45%.

Why it matters for property

The policy rate sets the tone for what banks charge. If lenders pass on the cut, construction finance and mortgages should become a little cheaper over the coming months, which supports new supply and buyer demand.

Lower returns on savings and treasury bills also tend to push investors towards real assets. Furnished apartments in prime areas, which earn income through corporate leases and short stays, are among the assets that benefit.

What to watch

The CBN described the move as a technical realignment rather than a change of stance, so further cuts are not guaranteed. Watch how quickly banks adjust their lending rates, and the next inflation figures.