The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent.
Similarly, the Standing Facilities Corridor was retained at +50 / -450 basis points around the MPR, and the Cash Reserve Ratio (CRR) was retained at 45% for Deposit Money Banks, 16% for Merchant Banks, and 75% for non-TSA public sector deposits.
The decision was announced at the end of the MPC’s 306th meeting, held in Abuja on July 20-21, 2026.
All 11 members of the committee attended the two-day meeting, where they reviewed recent developments in the domestic and global economies before deciding to keep the benchmark rate unchanged.
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The decision means the CBN has maintained its tight monetary policy stance as it seeks to sustain the moderation in inflation, stabilise the foreign exchange market and consolidate recent macroeconomic gains.
The unchanged MPR also signals the MPC’s continued cautious approach to monetary easing amid prevailing global and domestic economic uncertainties.
This is a developing story
