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The Central Bank of Nigeria (CBN) has held its benchmark interest rate steady at 26.5%, following the conclusion of the Monetary Policy Committee’s 305th meeting held on May 19 and 20, 2026 in Abuja.
CBN Governor Olayemi Cardoso announced the decision at the end of the two-day meeting, stating: “The Committee resolved to retain the Monetary Policy Rate at 26.5 per cent.” The MPC also retained the Standing Facilities Corridor around the MPR at +500 to -450 basis points, the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45%, Merchant Banks at 16%, and non-TSA public sector deposits at 75%. (Vanguard News)
The decision follows a 50-basis-point cut announced in February 2026 — the first rate reduction after a prolonged tightening cycle — and a previous hold at the MPC briefing in November 2025. Nigeria’s headline inflation rose marginally to 15.69% in April 2026 from 15.38% in March, representing a 0.31 percentage point increase. (Punch)
Despite the back-to-back monthly increases, CBN Governor Cardoso stressed that the committee believes the inflation trend is transitory and largely caused by external shocks, particularly the spillover effects of the Middle East crisis placing upward pressure on energy prices, transportation costs, and global logistics. “The MPC recognises its transitory nature and remains confident that the current macroeconomic environment is sufficiently robust to support a return to disinflation,” Cardoso stated. (Punch)
Following the rate decision, the Naira steadied against the US Dollar in the official Nigerian Foreign Exchange Market, trading at ₦1,371.25 per dollar in early Thursday sessions. (TheNiche)
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📊 CBN Holds Rate at 26.5% — Inflation Rises but Governor Cardoso Says It’s Temporary. What It Means for Nigerians!
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