Business News
JUST IN: CBN maintains interest rate at 26.5%
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the country’s benchmark interest rate at 26.5 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Wednesday after the conclusion of the committee’s 305th meeting held in Abuja.
Speaking at the meeting, Cardoso said, “The Committee’s decision is as follows: retain the monetary policy rate at 26.5 per cent.”
The decision means the apex bank maintained the current rate in a bid to sustain its monetary policy measures aimed at controlling inflation and stabilising the economy.
The move follows the 50-basis-point cut announced in February 2026 and a hold at the MPC briefing in November 2025.
Very Nigerian observed that the MPC’s decision to retain rates 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, the country’s headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent in March 2026, representing a 0.31 percentage point increase.
More details later.
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