CBN's Surprise Rate Cut Sends Markets to Record N163 Trillion as Cardoso Announces 'Operational Reset'

The Central Bank of Nigeria slashed its Monetary Policy Rate by 350 basis points to 23% in what analysts are calling a historic pivot, cutting from 26.5% in the biggest single reduction in years. Governor Olayemi Cardoso described the move as an "operational reset" to improve monetary policy effectiveness and support Nigeria's shift to an inflation-targeting framework. Markets wasted no time responding: the Nigerian Exchange (NGX) All-Share Index rose **0.23% to...