Breaking: CBN Keeps Interest Rate Steady At 26.5%

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5% following its 305th meeting held in Abuja.

According to Ireporter Online, the decision was reached after 11 members of the committee deliberated extensively on key economic indicators, including inflation trends, borrowing conditions, and broader macroeconomic stability. The announcement was made by the CBN Governor, Olayemi Cardoso, at the conclusion of the meeting on Wednesday.

The committee also left all other monetary policy parameters unchanged, signalling a continued effort to sustain price stability and strengthen confidence in the financial system. The latest hold follows a 50-basis-point rate cut in February 2026, and a previous decision to maintain rates at the November 2025 meeting.

In a related development, the CBN has introduced the Nigerian Overnight Financing Rate as a new benchmark for the country’s money market. According to a statement by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the initiative was developed in partnership with the Financial Markets Dealers Association to improve transparency, deepen market efficiency, and strengthen monetary policy transmission across the financial system.

The apex bank noted that the reform is aimed at enhancing the structure and credibility of Nigeria’s money market while supporting overall financial system stability.