CBN monetary policy rate retention confirmed as apex bank maintains 26.50% interest rate amid rising inflation and economic pressure

Central Bank of Nigeria (CBN) on Wednesday, 20 May 2026, announced the retention of its benchmark interest rate in a CBN monetary policy rate retention decision that keeps the Monetary Policy Rate at 26.50 percent following the conclusion of its 305th Monetary Policy Committee meeting in Abuja.

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CBN Governor, Olayemi Cardoso, disclosed the decision during a press briefing, stating that members of the Monetary Policy Committee unanimously agreed to maintain all key policy parameters.

The committee also retained the Cash Reserve Ratio at 45 percent for commercial banks and 16 percent for merchant banks, while keeping the 75 percent CRR on non-TSA public sector deposits unchanged.

In addition, the liquidity ratio remained at 30 percent, while the standing facilities corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.

The CBN monetary policy rate retention comes despite growing public calls for a reduction in interest rates, with a recent survey indicating that many Nigerians favour a cut to ease financial pressure.

Inflation figures continue to reflect economic strain, rising to 15.69 percent in April from 15.38 percent in March, adding further complexity to the policy decision.

The development follows a previous 50 basis point cut announced during the 304th MPC meeting in February 2026, which had signalled a cautious shift in monetary easing before the latest hold.