The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), also known as the benchmark interest rate, at 26.5 per cent.
CBN Governor Olayemi Cardoso announced the decision on Tuesday after the conclusion of the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21, 2026.
The decision means the apex bank has maintained its current monetary policy stance despite recent indications of a slight moderation in inflation.
The development comes shortly after the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate declined marginally to 15.91 per cent in June 2026, compared with 15.93 per cent recorded in May.
The MPC’s decision to hold rates suggests that policymakers are adopting a cautious approach while assessing the sustainability of the inflation slowdown and broader macroeconomic conditions.
Maintaining the benchmark rate at 26.5 per cent is expected to keep borrowing costs relatively high, a measure aimed at containing inflationary pressures and supporting price stability.
Analysts say the decision reflects the CBN’s determination to consolidate recent gains in inflation management before considering any easing of monetary policy.
The outcome of the MPC meeting will be closely watched by investors, businesses and financial markets for signals on the future direction of interest rates, inflation and economic growth in Nigeria.
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