Central Bank of Nigeria Archives |

CBN Slashes Interest Rate to 23% in Major Monetary Policy Reset

globalmirrornews1 month ago1 month ago06 mins

The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 26.5 per cent to 23 per cent, in a major adjustment aimed at strengthening monetary policy transmission and aligning the country’s monetary framework with prevailing economic conditions. The decision was announced on Tuesday, September 22, 2026, by CBN Governor, Olayemi Cardoso, following…

Banks Shut 476 Branches in Three Years as Nigeria’s Physical Banking Network Shrinks

globalmirrornews2 months ago2 months ago010 mins

Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, representing an 8.8 per cent reduction in the Country’s physical banking network, according to data from the Central Bank of Nigeria (CBN). Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number…