CBN Governor, Olayemi Cardoso
The Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 26.5 per cent.
The CBN Governor, Olayemi Cardoso, announced this at the end of the Monetary Policy Committee’s 305th meeting in Abuja on Wednesday, May 20, 2026.
Cardoso announced that the MPC also retained the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks, 16 per cent for merchant banks, and 75 per cent for non-TSA public sector deposits.
He said Standing Facilities Corridor was also retained at +50 / -450 basis points around the MPR.
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The MPC’s decision follows the 50-basis-point cut announced in February 2026.
The move to retain rates also 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 (NBS), the country’s headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent recorded in March 2026, representing a 0.31 percentage point increase.
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