LAGOS — Borrowers may not see cheaper loans soon despite the Central Bank's cut of its policy rate to 23 per cent, analysts say. Shakirudeen Taiwo of Cordros said the 45 per cent cash reserve ratio limits banks' ability to lend. Professor Adegbemi Onakoya said existing loan contracts will delay the effect and that lending rates may ease to around 26 or 27 per cent. Aliyu Ilias of CSAL Advisory described the cut as a calculated risk.