Nigeria’s central bank has kept its benchmark lending rate unchanged for the second straight policy round, signaling continued commitment to a tight monetary stance as inflation cools but food prices remain elevated. The Central Bank of Nigeria (CBN) held the Monetary Policy Rate (MPR) at 26.50% during the 306th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, a decision announced by Governor Olayemi Cardoso at a media briefing.
- The CBN retained the MPR at 26.50% for the second consecutive time after its May and July 2026 meetings.
- Cardoso said all 11 MPC members attended the 306th meeting, where they assessed recent developments in both Nigeria and the global economy.
- After the review, the committee decided to keep the benchmark rate unchanged.
- CBN linked the decision to maintaining tight policy in order to support easing inflation, help stabilize Nigeria’s foreign exchange market, and build on recent improvements in the macroeconomic environment.
- The bank noted that the same policy rate level was also maintained in May, when the MPC again left the MPR at 26.50%.
The latest decision arrives as Nigeria’s inflation slowed to 15.91% in June 2026. Despite the broader decline, the CBN highlighted that food inflation continues to run high across the country, underscoring persistent pressure in household budgets even as headline inflation moderates.
