Central Bank of Nigeria (CBN) has retained the country’s benchmark interest rate at 26.5 percent following the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja.
Gatekeepers News reports that CBN Governor Olayemi Cardoso announced the decision after the committee’s 305th meeting, saying all 11 members voted to keep the Monetary Policy Rate (MPR) unchanged amid concerns over inflationary pressures and external economic shocks.
The apex bank also retained the asymmetric corridor around the MPR at +50/-450 basis points, while other monetary policy parameters remained unchanged.
Cardoso said the committee reviewed recent developments in both the domestic and global economies before arriving at the decision. He noted that inflation had risen slightly in recent months due largely to external shocks and rising global energy prices.
The decision comes months after the CBN reduced the rate from 27 percent to 26.5 percent in February, marking the first rate cut since 2024.
