Since the angle at the center of the circle is 120 degrees, the angle subtended by the minor arc XY at the center of the circle is also 120 degrees.
The circumference of a circle with radius r is given by 2πr, where π is the constant pi (approximately equal to 3.14).
The total circumference of the circle is 2π(23 cm) ≈ 72.4 cm.
Since the minor arc XY subtends an angle of 120 degrees at the center of the circle, it will have a length that is 120/360 = 1/3 of the total circumference.
Therefore, the approximate length of the minor arc XY is (1/3)(72.4 cm) ≈ 24.1 cm.
So the closest option to this value is option D, 24 cm.