The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, citing heightened global uncertainties despite signs of resilience in the domestic economy.
The decision was announced by CBN Governor Olayemi Cardoso at the end of the 306th Monetary Policy Committee (MPC) meeting held in Abuja on July 20 and 21, 2026, according to Channels Television.
Cardoso said the committee unanimously agreed to leave the benchmark lending rate unchanged after reviewing recent domestic and global economic developments.
He explained that while Nigeria’s economy has remained largely resilient following structural reforms, renewed geopolitical tensions in the Middle East continue to pose risks to energy prices and domestic inflation.
In addition to retaining the MPR at 26.5 per cent, the MPC also maintained the Standing Facilities Corridor at +50/-450 basis points around the MPR.
The committee further retained the Cash Reserve Ratio (CRR) at 45 per cent for Deposit Money Banks, 16 per cent for merchant banks, and 75 per cent for non-TSA public sector deposits.
Cardoso said the committee’s decision followed a careful assessment of economic risks, noting that although headline inflation eased slightly in June, global uncertainties remain a major concern.
The decision marks the second time in 2026 that the MPC has left the benchmark interest rate unchanged.
The announcement comes days after the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation declined marginally to 15.91 per cent in June 2026, from 15.93 per cent in May, representing the first monthly drop in three months.