CBN Retains Interest Rate at 26.5%

AkoniTV May 20, 2026 General News Leave a comment 21 Views

The Central Bank of Nigeria on Wednesday retained Nigeria’s interest rate at 26.5 per cent after the Monetary Policy Committee meeting in Abuja to sustain economic stability and control inflation.

CBN Governor Olayemi Cardoso said all 11 committee members voted to keep the rate unchanged to allow previous policy measures work through the economy.

The apex bank also retained the Cash Reserve Ratio at 45 per cent for commercial banks and 16 per cent for merchant banks.

Cardoso said Nigeria’s external reserves rose to $49.49bn as of May 15, 2026, from $48.35bn recorded in March.

According to the CBN, inflation increased slightly to 15.69 per cent in April from 15.38 per cent in March, driven mainly by food prices.

The committee, however, expressed confidence that inflation would gradually slow as existing reforms continue to support the economy.