The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the country’s benchmark Monetary Policy Rate (MPR) at 26.5 per cent, marking the second consecutive meeting in which the committee has left the rate unchanged.
CBN Governor Olayemi Cardoso announced the decision on Tuesday after the conclusion of the committee’s 306th MPC meeting in Abuja.
“The Committee decided as follows: retain the Monetary Policy Rate at 26.5 per cent,” Cardoso said while presenting the outcome of the meeting.
The decision comes after the committee opted to hold rates at its previous meeting, following a 50-basis-point reduction introduced in February 2026.
The MPC’s latest decision was taken despite signs of easing inflation.
According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate declined slightly to 15.91 per cent in June 2026, down from 15.93 per cent in May.
The marginal drop represents the first decline in the inflation rate after three consecutive monthly increases. Inflation had risen from 15.06 per cent in February to 15.38 per cent in March, 15.69 per cent in April, and 15.93 per cent in May before recording the slight moderation in June.
By maintaining the benchmark rate, the MPC signalled its preference to sustain its current monetary policy stance while monitoring inflation trends and broader macroeconomic conditions before making further adjustments.
Economists and investors will closely watch subsequent MPC meetings to see whether the recent moderation in inflation creates room for future interest rate cuts aimed at supporting economic growth while preserving price stability.