Nigeria interest rate cut to 27% trims business loan costs
The Central Bank of Nigeria lowered its benchmark rate to 27% in September, ending a three‑year tightening spell. The move follows five months of steady disinflation and aims to make credit cheaper for expanding firms. Alongside the cut, the CBN tweaked reserve requirements and the standing facilities corridor. Experts welcome the first positive real rate in years but warn more cuts are needed for SMEs. External reserves now sit at $43 billion, bolstering confidence in the policy shift.