Central bank interest rates will remain unchanged at 26.50 percent, the Monetary Policy Committee (MPC) announced on Wednesday
The central bank also kept the Standing Facilities Corridor around the main rate at plus 50 and minus 400 basis points. The Cash Reserve Requirement for commercial banks stays at 45 percent, merchant banks at 16 percent, and non-Treasury Single Account public sector deposits at 75 percent.
The apex bank also disclosed that the external reserves remains robust at $49.49 billion as at 15th May, 2026. This is an increase from the $48.35 billion recorded in March and it is considered sufficient enough to cover 9.04 months of imports.
Addressing journalists in Abuja, Central Bank Governor Olayemi Cardoso stated that eleven members of the policy committee voted to maintain all benchmarks to allow past tightening measures to work through the economy.
“The committee’s decisions were anchored on a comprehensive assessment of risks to the outlook,” Cardoso said. “Although inflation has risen marginally for two consecutive months, largely induced by external shocks, the MPC recognized its transitory nature and remains confident that the current macroeconomic environment is sufficiently robust to support a return to disinflation.”
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