CBN Retains Interest Rate at 26.5% Amid Inflation Concerns

The Central Bank of Nigeria (CBN) has retained its benchmark interest rate at 26.5 per cent, as inflationary pressures continue to influence monetary policy direction across the country, Global Mirror News reports.

The decision was announced on Wednesday May 20 in Abuja by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, following the conclusion of the Monetary Policy Committee’s 305th meeting.

According to Global Mirror News gathered, the Committee maintained all key policy parameters, including the Monetary Policy Rate (MPR), cash reserve ratio, and liquidity ratio, in a bid to support financial stability amid rising price levels.

Cardoso said: “The Committee’s decision is to retain the monetary policy rate at 26.5 per cent,” a move Global Mirror News notes reflects the apex bank’s cautious balancing act between inflation containment and economic growth support.

The decision follows a 50-basis-point rate cut in February 2026 and a previous hold position at the November 2025 MPC meeting, signaling a gradual but cautious monetary policy path, Global Mirror News reports further.

Data from the National Bureau of Statistics shows inflationary pressure remains persistent. The Consumer Price Index revealed that headline inflation rose to 15.69 per cent in April 2026, up from 15.38 per cent in March 2026, marking a 0.31 percentage point increase.

Global Mirror News observed that analysts expect the CBN to maintain a tight monetary stance in the near term as it continues to monitor inflation trends and broader macroeconomic stability.