The Central Bank of Nigeria has left the Monetary Policy Rate, the country’s benchmark interest rate, unchanged at 26.5 per cent as the Monetary Policy Committee maintained its tight monetary policy stance.

CBN Governor, Olayemi Cardoso, announced the decision at the end of the 306th MPC meeting held in Abuja on July 20 and 21, 2026.

Cardoso said 11 members of the committee attended the two-day meeting, during which they reviewed recent domestic and global economic developments before deciding to retain the benchmark interest rate at 26.5 per cent.

The decision reflects the apex bank’s efforts to sustain the moderation in inflation, stabilise the foreign exchange market and consolidate recent macroeconomic gains.

The CBN said Nigeria’s headline inflation rate eased marginally to 15.91 per cent in June 2026, from 15.93 per cent in May, signalling a slight moderation in overall price pressures.

Food inflation accelerated to 3.75 per cent month-on-month in June 2026, up from 2.98 per cent in May, pointing to renewed pressure on food prices.

The MPC also retained the Cash Reserve Ratio at 45 per cent for commercial banks and 16 per cent for merchant banks.

The Standing Facilities Corridor was maintained at +50/-450 basis points around the MPR, while the CRR on non-TSA public sector deposits was retained at 75 per cent.

“Global uncertainties have heightened due mainly to the renewed hostilities in the Middle East,” Governor Cardoso said.

“In view of the evolving developments, maintaining a cautious policy stance remains appropriate.”

The decision to retain the MPR at 26.5 per cent means the CBN has kept its benchmark interest rate unchanged as it continues to balance the need to control inflation with efforts to support economic activity.

The Standing Facilities Corridor was maintained at +50/-450 basis points around the MPR, while the CRR on non-TSA public sector deposits remained at 75 per cent.