The Central Bank of Nigeria cut its benchmark Monetary Policy Rate by 350 basis points to 23% at its September 2026 meeting, its first reduction since the eve of the Iran war. The decision followed a call from the National Economic Council, chaired by Vice President Kashim Shettima, and came as inflation remained around 15.4% in August and the naira stayed stable, supported by oil exports. The committee recalibrated the standing facilities corridor to +50/-300 basis points around the policy rate while retaining cash reserve requirements of 45% for deposit money banks, 16% for merchant banks and 75% for non-TSA public-sector deposits. The cut was larger than economists had expected: the median forecast in a Bloomberg poll of eight economists called for no change, with three predicting a reduction. The move accelerates an easing cycle that began with 50-basis-point cuts in September 2025 and February 2026, after the policy rate had reached 27.5% during an aggressive tightening campaign. The 23% rate remains above inflation, preserving a positive real-rate buffer, although inflation remains above the CBN’s medium-term targets and fuel-price pressures could renew price growth.