CBN Holds Interest Rate At 26.5% For Second Meeting In A Row

The Central Bank of Nigeria has kept its benchmark interest rate at 26.5 per cent, leaving the Monetary Policy Rate unchanged for the second Monetary Policy Committee meeting in a row.

CBN Governor Olayemi Cardoso announced the decision in Abuja on Tuesday after the committee’s 306th meeting, which ran from July 20 to July 21.

The committee also retained the Cash Reserve Ratio at 50 per cent for commercial banks and 16 per cent for merchant banks, while keeping the liquidity ratio at 30 per cent. Premium Times reported that Cardoso said all 12 MPC members voted to hold the policy stance.

The decision keeps borrowing costs high as the apex bank continues to weigh inflation, exchange-rate pressure and wider economic risks. The rate had also been held at 26.5 per cent at the May 2026 meeting.

Cardoso said the committee’s position followed its assessment of current economic conditions, including global uncertainty and domestic inflation trends.

Sources: Vanguard, Daily Post, Premium Times, Punch, Channels TV, Daily Trust