CBN Maintains Interest Rate at 26.5% Amid Inflation Drop
The Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has decided to maintain the benchmark interest rate at 26.5% for the second consecutive time. This decision was announced at the conclusion of the Monetary Policy Committee's 306th meeting held in Abuja.
The retention of the interest rate follows a previous reduction of 50 basis points announced in February 2026. The decision comes despite a marginal decrease in Nigeria's inflation rate, as reported by the National Bureau of Statistics.
The headline inflation rate fell slightly to 15.91% in June 2026 from 15.93% in May 2026. This marks the first decline in inflation after three consecutive months of increases, with rates recorded at 15.06% in February, 15.38% in March, 15.69% in April, and 15.93% in May.
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