CBN Cuts Interest Rate to 23%: What It Means for Loans, Savings and Nigerians The Central Bank of Nigeria has made a major move that could affect how Nigerians borrow, save and do business. On Tuesday, September 22, 2026, the Central Bank of Nigeria (CBN) cut its Monetary Policy Rate (MPR) from 26.5% to 23%. That is a 3.5 percentage-point reduction and the biggest rate cut announced in the current monetary policy cycle. But what does this actually mean for the average Nigerian? Will loans become cheaper? Will banks reduce their interest rates? Should people expect better returns on savings or fixed deposits? Here is what you need to know. First, what is the MPR? The Monetary Policy Rate is the CBN's benchmark interest rate. Think of it as one of the key rates that influences how much it costs to borrow money within the financial system. When the CBN raises the MPR, borrowing can become more expensive. When it cuts the MPR, the intention is generally to make financial conditions l...
Dangote IPO: Why Africa’s Biggest Refinery Could Change the Continent’s Energy Future For decades, Nigeria had one of the strangest contradictions in the global oil industry. It was one of Africa’s largest crude oil producers, yet it depended heavily on imported refined petroleum products. Crude oil could leave Nigeria, travel thousands of kilometres overseas to be refined, and return as petrol, diesel or aviation fuel. Now that equation is changing. The Dangote Petroleum Refinery IPO , launched in September 2026, is putting a portion of Africa’s largest refinery into public ownership while raising capital for another enormous expansion. At ₦525 per share, the offering consists of 4.1 billion new ordinary shares . The minimum subscription is only 10 shares, or ₦5,250. The offer opened on September 14 and is scheduled to close on October 13, 2026. Dangote IPO But the most important question is not simply how much money the IPO will raise. The bigger question is: What happens when Africa...