LAGOS — The Central Bank of Nigeria’s Monetary Policy Committee retained the Monetary Policy Rate at 26.5% on Tuesday after its 306th meeting. All other key parameters remained unchanged.
The committee kept the standing facilities corridor at +50/-450 basis points around the MPR. Cash Reserve Ratio stays at 45% for deposit money banks, 16% for merchant banks, and 75% for non-TSA public sector deposits.
This decision reflects continued caution amid easing but persistent inflationary pressures. Headline inflation moderated to 15.91% in June. Policymakers aim to lock in gains on price and exchange rate stability.
Analysts had widely expected the hold. The MPC cited resilient domestic indicators and external risks, including Middle East tensions that could affect energy prices. The vote was unanimous.
Nigeria’s economy has seen gradual disinflation this year following aggressive rate hikes. The MPR was last cut to the current level in prior meetings. High rates have supported the naira but increased borrowing costs.
Governor Olayemi Cardoso’s team continues to prioritise inflation control over immediate growth stimulus. The next MPC meeting is set for September. Markets will monitor signals on possible future policy easing.
