The Central Bank of Nigeria has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent, citing heightened global uncertainties despite signs of resilience in the domestic economy.
The decision was announced on Tuesday by the Governor of the CBN, Olayemi Cardoso, after the conclusion of the 306th Monetary Policy Committee meeting held in Abuja from July 20 to 21.
Cardoso said the committee resolved to maintain the current monetary policy stance after assessing both domestic and global economic conditions, noting that renewed geopolitical tensions in the Middle East continue to pose risks to energy prices and inflation.
“The Committee decided to retain the Monetary Policy Rate at 26.5 per cent,” he said.
In addition to holding the benchmark interest rate, the MPC retained the Standing Facilities Corridor at +50/-450 basis points around the MPR. It also left the Cash Reserve Ratio unchanged at 45 per cent for Deposit Money Banks, 16 per cent for merchant banks, and 75 per cent for non-Treasury Single Account public sector deposits.
According to Cardoso, the committee’s decision followed a careful evaluation of the balance of risks facing the economy.
“Although headline inflation moderated marginally in June 2026, global uncertainties have intensified, largely due to renewed hostilities in the Middle East,” he said.
He added that despite the challenging external environment, Nigeria’s economy has remained largely resilient to global shocks, reflecting the impact of recent structural reforms.
The latest decision marks the second time this year that the MPC has kept the benchmark interest rate unchanged.
The announcement comes shortly after the National Bureau of Statistics reported that Nigeria’s headline inflation eased slightly to 15.91 per cent in June 2026, from 15.93 per cent recorded in May.
