May 20, 2026 2:08 pm
CBN Governor, Olayemi Cardoso. Photo: CBN / X
The Monetary Policy Committee of the Central Bank of Nigeria has retained the benchmark interest rate at 26.5 per cent.
The CBN Governor, Olayemi Cardoso, announced the decision on Wednesday at the end of the committee’s 305th meeting in Abuja.
Cardoso said, “The Committee’s decision is as follows: retain the monetary policy rate at 26.5 per cent.”
The move follows the 50-basis-point cut announced in February 2026 and a hold at the MPC briefing in November 2025.
The PUNCH observed that the MPC’s decision to retain rates occurred after an increase in Nigeria’s inflation rate.
According to the most recent Consumer Price Index report released by the National Bureau of Statistics, the country’s headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent in March 2026, representing a 0.31 percentage point increase.
More details later…
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