The Central Bank of Nigeria (CBN) has decided to keep its main interest rate, known as the Monetary Policy Rate (MPR), at 26.5 per cent.
CBN Governor, Yemi Cardoso, said the decision was taken because of rising global uncertainties, especially the renewed tensions in the Middle East, as well as continued pressure on food prices in Nigeria.
The Monetary Policy Committee (MPC) also retained other key monetary policy measures, including the cash reserve requirements for banks and the policy corridor around the MPR.
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Cardoso explained that although Nigeria’s inflation rate dropped slightly from 15.93 per cent in May to 15.91 per cent in June 2026, the bank decided to remain cautious. He noted that food inflation rose from 16.96 per cent to 17.52 per cent due to supply challenges in farming areas and higher transportation costs.
However, core inflation, which excludes food and energy prices, slowed to 15.92 per
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