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🇳🇬 Nigeria /Economy & Trade

Nigeria's Central Bank holds interest rate at 26.5% for second time

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • Nigeria's Central Bank has maintained its benchmark interest rate at 26.5% for the second consecutive meeting.
  • The decision was announced by CBN Governor Olayemi Cardoso following the Monetary Policy Committee's meeting in Abuja.
  • This hold occurred despite a marginal decrease in Nigeria's headline inflation rate to 15.91% in June.

Nigeria's Central Bank has decided to keep its benchmark interest rate unchanged at 26.5 percent. This marks the second consecutive meeting where the Monetary Policy Committee (MPC) has held the rate steady, a decision announced by CBN Governor Olayemi Cardoso on Tuesday in Abuja.

The MPC's decision to retain the monetary policy rate follows a previous hold and a 50-basis-point cut in February 2026. The committee's move comes despite a slight easing of Nigeria's headline inflation rate. The National Bureau of Statistics reported that inflation decreased marginally to 15.91 percent in June 2026, down from 15.93 percent in May. This marks the first decline in headline inflation after three consecutive monthly increases.

Despite the marginal decrease in inflation, the Central Bank's decision to maintain the interest rate suggests a continued focus on price stability. The MPC's deliberations and the full reasoning behind the decision are expected to be detailed further.

The Committee decided as follows: retain the monetary policy rate at 26.5 per cent.

— Olayemi CardosoCBN Governor Olayemi Cardoso announcing the Monetary Policy Committee's decision.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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