Nigeria’s central bank has decided to leave its key interest rate right where it is. This is the second meeting running.
Olayemi Cardoso, who heads the Central Bank of Nigeria, broke the news Tuesday after the Monetary Policy Committee wrapped up its 306th meeting in Abuja. “The Committee decided as follows: retain the monetary policy rate at 26.5 per cent,” he told reporters.
This isn’t a new stance, exactly. The committee held rates steady at its last meeting too, and before that, back in February 2026, it had actually trimmed rates by 50 basis points. So the bank seems to be in a wait-and-watch mode for now.
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What’s interesting is that this decision comes even though inflation has started cooling off a bit. Fresh numbers from the National Bureau of Statistics show headline inflation slipped slightly to 15.91 per cent in June, down from 15.93 per cent in May.
That dip is notable because it breaks a three-month run of rising prices. Inflation had climbed steadily, from 15.06 per cent in February, up to 15.38 per cent in March, then 15.69 per cent in April, before hitting 15.93 per cent in May.
So while prices are still high, June’s figures suggest things might finally be turning a corner. Still, the CBN, for now, isn’t taking any chances by adjusting rates just yet.
