The Central Bank of Nigeria (CBN) has retained the country’s benchmark interest rate at 26.5 per cent as policymakers intensify efforts to manage inflationary pressures and preserve macroeconomic stability in Africa’s largest economy.
The decision was announced on Wednesday by Olayemi Cardoso, the CBN governor, at the end of the Monetary Policy Committee’s 305th meeting held in Abuja.
Cardoso disclosed that members of the committee unanimously agreed to maintain the Monetary Policy Rate (MPR) at 26.5 per cent, signalling the apex bank’s cautious approach despite earlier expectations of possible monetary easing.
“The Committee’s decision is as follows: retain the monetary policy rate at 26.5 per cent,” Cardoso stated while briefing journalists after the meeting.
The latest decision follows the 50-basis-point reduction implemented in February 2026, which marked the first rate cut after an extended period of aggressive tightening aimed at curbing inflation and stabilising the foreign exchange market. The MPC had also maintained rates at its November 2025 meeting.
Analysts say the latest hold reflects growing concerns within the central bank over renewed inflationary pressures and persistent vulnerabilities within the broader economy.
According to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate rose marginally to 15.69 per cent in April 2026 from 15.38 per cent recorded in March 2026, representing an increase of 0.31 percentage points.
The uptick in inflation, though relatively modest, appears to have influenced the committee’s decision to maintain current monetary conditions rather than pursue further easing measures that could potentially worsen price pressures.
The MPC meeting, attended by 11 members, also resolved to retain all other key monetary policy parameters at their existing levels, reinforcing the bank’s commitment to sustaining price stability and managing inflation expectations.
