Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on Tuesday, said that 20 out of Nigeria’s 33 banks have already met the new minimum capital requirements under the ongoing recapitalisation programme.
Also, in a decisive move long anticipated by businesses and financial market operators, the CBN reduced its benchmark interest rate — the Monetary Policy Rate (MPR) — by 50 basis points to 26.50 percent, marking a cautious but significant shift toward monetary easing after months of aggressive tightening.
The decision was taken at the 304th meeting of the Monetary Policy Committee (MPC) held in Abuja, where all 11 members voted unanimously in favour of the cut — a rare show of consensus that underscores growing confidence in Nigeria’s improving macroeconomic outlook.
Governor Olayemi Cardoso, who announced the outcome on Tuesday, said the move reflects moderation in inflationary pressures, improved foreign exchange liquidity, and sustained stability in the financial system.
For many analysts, the rate cut signals a clear change in tone: the fight against inflation remains a priority, but the CBN is now cautiously pivoting to support growth.
