By Ayomide Otitoju
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the benchmark interest rate following its 306th meeting in Abuja.
CBN Governor Olayemi Cardoso announced the decision on Tuesday after the two-day meeting held on July 20 and 21, 2026, saying the committee opted to keep monetary policy unchanged after reviewing prevailing domestic and global economic conditions.
Cardoso said the decision was informed by the resilience of Nigeria’s economy following recent structural reforms, despite rising geopolitical tensions, particularly in the Middle East, which continue to pose risks to global energy prices and domestic inflation.
“The Committee decided as follows: retain the Monetary Policy Rate at 26.5 per cent,” he said.
The MPC also retained the Standing Facilities Corridor at +50/-450 basis points around the MPR, while leaving the Cash Reserve Ratio (CRR) unchanged at 45 per cent for Deposit Money Banks, 16 per cent for merchant banks and 75 per cent for non-TSA public sector deposits.
According to Cardoso, the committee’s decision followed a careful assessment of the balance of risks, noting that although headline inflation moderated slightly in June, global uncertainties remain elevated due to renewed hostilities in the Middle East.
He added that the Nigerian economy has remained largely resilient to external shocks despite the challenging global environment.
The decision comes days after the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate declined marginally to 15.91 per cent in June 2026 from 15.93 per cent recorded in May, representing a decrease of 0.02 percentage points.
