The Nigeria Brief — Wednesday, 23 September 2026
The Central Bank of Nigeria cut its Monetary Policy Rate by 350 basis points to 23% on Tuesday, the biggest single reduction since 2006, but Governor Olayemi Cardoso described it as a reset rather than a cut. He said the official rate had drifted out of step with what banks were actually charging each other, since the interbank rate and the Standing Deposit Facility rate were both trading near 22% while the official rate sat at 26.5%. Cardoso also announced that Nigeria's foreign reserves have crossed $55 billion, the highest level in more than 18 years.
Also today: the Nigeria Centre for Disease Control says the country has now recorded 1,086 confirmed Lassa fever cases and 259 deaths in 2026. Renewed bandit attacks are testing local peace arrangements in Sokoto and Katsina. Former Secretary to the Government of the Federation Babachir Lawal defected to the Nigeria Democratic Party. And the fuel regulator warned petrol stations that under-dispensing could cost them their licences.
Full breakdown with sources, free: https://www.frontierbriefmedia.com/p/the-nigeria-brief-wednesday-23-september-2026
