The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has lowered the benchmark interest rate to 27.00 percent, marking its first adjustment in 2025.

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at a press briefing in Abuja following the 302nd MPC meeting.

“The Committee decided as follows: reduce the monetary policy rate by 50 basis points to 27 per cent,” Cardoso said.

The cut follows three consecutive holds on rates, after six back-to-back hikes in 2024 aimed at curbing inflation. Cardoso explained that the latest move was influenced by a trend of consistent disinflation in the economy.