CBN Retains Interest Rate at 26.50%

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The Central Bank of Nigeria has retained the country’s Monetary Policy Rate at 26.50 percent following the conclusion of the 305th Monetary Policy Committee meeting held in Abuja on Wednesday.

CBN Governor Olayemi Cardoso announced the decision during a press briefing, stating that all members of the committee unanimously agreed to maintain the benchmark interest rate.

The committee also retained the Cash Reserve Ratio at 45 percent for commercial banks and 16 percent for merchant banks, while sustaining the 75 percent reserve requirement on non-Treasury Single Account public sector deposits.

Cardoso further disclosed that the liquidity ratio was maintained at 30 percent, while the standing facilities corridor was adjusted to +50 and -450 basis points around the monetary policy rate.

The decision comes amid rising inflationary pressure in the country, with inflation figures increasing to 15.69 percent in April from 15.38 percent recorded in March.

The latest policy stance follows the MPC’s decision at its 304th meeting in February 2026, when the committee reduced the interest rate by 50 basis points.

The development also comes despite findings from a recent CBN survey indicating that a majority of Nigerians favoured a reduction in interest rates.

 

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