Nigeria, Sept. 22 -- The Central Bank of Nigeria (CBN) has cut the benchmark interest rate to 23 per cent.

CBN Governor Olayemi Cardoso disclosed the committee's decision at the conclusion of the bank's two-day, 307th Monetary Policy Committee (MPC) meeting, held from 21 to 22 September in Abuja.

This decision followed two consecutive retention of the Monetary Policy Rate (MPR) at 26.5 per cent, holding it in May and July previously, following a 50-basis-point reduction in February from 27 per cent.

Speaking after the meeting, the CBN Governor stated that the committee decided to reset the MPR and recalibrate the policy corridor as an important operational realignment aimed at strengthening monetary policy transmission.

"The committee...