CBN Maintains Benchmark Interest Rate at 26.5%

On Tuesday, during its 306th meeting in Abuja, the Monetary Policy Committee of the Central Bank of Nigeria (CBN), chaired by Governor Olayemi Cardoso, decided to retain the benchmark interest rate at 26.5% for the second consecutive time. The committee cited renewed geopolitical tensions in the Middle East and persistent inflationary risks as key factors influencing this decision.

Although Nigeria's headline inflation rate showed a slight decline to 15.91% in June 2026 from 15.93% in May, the committee concluded that maintaining the current monetary policy stance was the most appropriate option. The CBN also noted the importance of closely monitoring economic data to assess inflation trends and potential actions.

The committee emphasized the need for coordinated fiscal and monetary policies to mitigate the domestic impact of the Middle East crisis and to support broader macroeconomic objectives. Additionally, the CBN acknowledged the resilience of the Nigerian economy against external shocks due to prior reforms.