“The interest rate at 27% is still too high. He contrasted Nigeria’s high rates with advanced economies, where interest rates remain in single digits. Otherwise, interest rate hike is a factor cost increase, which is in itself inflationary,” he added. Chizea commended the CBN for returning to what he described as “the path of professionalism” but stressed that monetary policy alone cannot tackle inflation. The cut marks the first reduction in Nigeria’s benchmark interest rate since 2020, following five consecutive months of easing inflationary pressures.