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| Yemi Cadoso |
The Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.
The decision was announced at the end of the 306th meeting of the Monetary Policy Committee (MPC), which held in Abuja on July 20 and 21, 2026.
All 11 members of the committee attended the two-day meeting, where they reviewed recent economic developments in Nigeria and the global economy before arriving at the decision to maintain the current rate.
The unchanged rate means the apex bank has sustained its tight monetary policy position, which it has maintained as part of efforts to control inflation, improve stability in the foreign exchange market and strengthen overall economic conditions.
The CBN had raised interest rates in previous policy meetings as part of measures to manage inflationary pressures and support price stability.
With the latest decision, businesses and consumers will continue to operate within the current lending rate environment, as the impact of monetary policy decisions filters through the economy.
The MPC is expected to provide further details on the factors behind the decision and its outlook for inflation, economic growth and other key indicators.
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