CBN Maintains 26.5% Benchmark Rate in Inflation Fight

The Central Bank of Nigeria kept its Monetary Policy Rate at 26.5% after the 305th MPC meeting in Abuja. Governor Olayemi Cardoso said the move reflects a cautious stance amid persistent inflationary pressures and global uncertainties. The committee also held the Cash Reserve Ratio at 45% for commercial banks and 16% for merchant banks. Public sector deposits in non-Treasury Single Account remain at 75%, and the asymmetric corridor around the MPR stays at +50/-450 basis points. This retention signals the bank’s determination to anchor inflation, stabilise the exchange rate and support investor confidence. Experts say the decision will have a direct impact on lending rates, borrowing costs and overall liquidity in the financial system.

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