Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the nation’s benchmark interest rate, at 26.5 per cent, citing heightened global uncertainties despite signs of resilience in the domestic economy.
The CBN Governor, Mr Olayemi Cardoso, announced the decision on Tuesday after the conclusion of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja from July 20 to July 21.
Cardoso said the committee resolved to maintain the current monetary policy stance after reviewing domestic and international economic developments.
“The Committee decided to retain the Monetary Policy Rate at 26.5 per cent,” he said.
The governor said renewed geopolitical tensions, particularly in the Middle East, continued to pose risks to global energy prices and inflation, necessitating a cautious approach.
He said the committee also retained the Standing Facilities Corridor at +50/-450 basis points around the MPR.
The Cash Reserve Ratio (CRR) was also left 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 MPC’s decision followed an assessment of the balance of risks confronting 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 global environment, Nigeria’s economy had remained resilient, supported by ongoing structural reforms.
The governor noted that the committee would continue to monitor economic developments and adjust policy measures when necessary to maintain price stability.
The latest decision represents the second time in 2026 that the MPC has maintained the benchmark interest rate at 26.5 per cent.
The announcement came shortly after the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate eased slightly to 15.91 per cent in June 2026 from 15.93 per cent recorded in May.
