Nigeria makes biggest rate cut since 2007
CBN also recalibrates standing facilities corridor to strengthen policy transmission
The Central Bank of Nigeria has cut its policy rate by 350 basis points, from 26.5% to 23%. The decision on September 22 came as a surprise to some market observers, who had anticipated a hold, and marked the CBN’s biggest rate cut since 2007.
In a communique, CBN governor Olayemi Cardoso said the bank’s monetary policy committee had also decided to recalibrate the standing facilities corridor to +50/-300 basis points around the monetary policy rate. The corridor had previously been +50/-450
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