CBN Maintains Monetary Policy to Ensure Stability

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, announced that the Monetary Policy Committee (MPC) decided to maintain the Monetary Policy Rate (MPR) and Cash Reserve Requirements (CRR) for Deposit Money Banks at 45.00%, Merchant Banks at 16.00%, and non-TSA public sector deposits at 75.00%. This decision followed a thorough assessment of risks, particularly in light of global uncertainties due to renewed hostilities in the Middle East.

Despite a slight moderation in headline inflation from 15.91% in June to 15.43% in July 2026, the MPC members unanimously endorsed the decision to maintain the current policy stance to consolidate macroeconomic gains. The MPC's next meeting is scheduled for September 2026.

Member Aku Pauline Odinkemelu emphasized the resilience of domestic output at 3.89% and strong external buffers exceeding $52 billion. The International Monetary Fund (IMF) has retained Nigeria's growth forecast at 4.1% for 2026 and 4.3% for 2027.