CBN Shatters 20-Year Record With 350bps Rate Cut as Reserves Hit $55B and 2027 Lines Blur

The Central Bank of Nigeria slashed its benchmark interest rate by a historic 350 basis points to 23% — the biggest single cut since 2006 — as Governor Cardoso declared the old rate had become a paper tiger disconnected from real market conditions. Foreign reserves crossed $55 billion for the first time in 18 years, and the NGX raced to a new record market capitalisation of N162.68 trillion. Meanwhile, the 2027 political chess match intensified as former SGF Babachir...