July 22, 2026 | Abuja
The Central Bank of Nigeria, CBN, has retained the Monetary Policy Rate, MPR, at 26.50% following its Monetary Policy Committee meeting on Tuesday.
The CBN Governor said the decision was driven by the need to balance inflation control with economic growth, against the backdrop of global uncertainties sparked by the ongoing conflict in the Middle East.
The MPC noted that headline inflation eased marginally to 15.91% in June from 16.00% in May. However, members warned that rising global oil prices and supply chain disruptions could reverse the gains.
Oil prices climbed above $91 per barrel on Wednesday after threats to shipping in the Red Sea and escalating hostilities between Iran, Israel, and US forces. The CBN said these developments pose risks to Nigeria’s import bill and exchange rate stability.
Analysts said holding the rate steady gives room for the impact of previous hikes to fully work through the economy, while avoiding further pressure on businesses and consumers.
With inflation still well above the CBN’s target band, the bank said it will continue to monitor global and domestic developments closely and act as needed.
The next MPC meeting is scheduled for September 2026.
