The Central Bank of Nigeria (CBN) has maintained its benchmark interest rate at 26.5 per cent, with policymakers expressing concern over mounting global uncertainties despite continued resilience in the domestic economy.
The decision was announced on Tuesday by CBN Governor Olayemi Cardoso at the end of the 306th Monetary Policy Committee (MPC) meeting, which took place in Abuja from July 20 to 21.
Cardoso said members of the committee unanimously agreed to retain the current monetary policy stance after reviewing recent economic developments at home and abroad.
"The committee resolved to 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. It left 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-Treasury Single Account (non-TSA) public sector deposits.
Explaining the rationale for the decision, the CBN governor said the committee acknowledged the slight moderation in Nigeria's inflation rate in June but warned that escalating geopolitical tensions, particularly in the Middle East, continue to pose significant risks to global energy prices and domestic inflation.
According to him, the MPC considered it necessary to maintain a cautious policy stance to preserve macroeconomic stability while monitoring the evolving global economic environment.
Cardoso added that Nigeria's economy has remained relatively resilient to external shocks, supported by the impact of recent economic reforms, even as uncertainties in the global economy persist.
The latest decision marks the second time this year that the apex bank has left the benchmark lending rate unchanged.
The MPC's announcement comes on the heels of fresh inflation figures released by the National Bureau of Statistics (NBS), which showed that headline inflation eased slightly to 15.91 per cent in June 2026 from 15.93 per cent in May.
According to the NBS Consumer Price Index report, the 0.02 percentage point decline was the first drop in the country's inflation rate in three months, suggesting a gradual easing of price pressures, although inflation remains a key concern for monetary authorities.
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