CBN's Biggest Rate Cut Since 2006 Sparks Growth Hopes and FX Fears

The Central Bank of Nigeria slashed its benchmark interest rate by 350 basis points to 23% on Tuesday—the largest single cut since 2006 and a dramatic pivot from the 26.5% rate held for months. Governor Olayemi Cardoso framed it as a "reset" to align the Monetary Policy Rate with market realities where overnight lending already hovered around 19%, finally closing a policy gap that made the 26.5% benchmark feel like fiction. The move came alongside bullish macro data:...