The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has voted to retain the Monetary Policy Rate (MPR) at 26.5% following its 305th meeting, which recorded the attendance of 11 members.
The Governor of the Central Bank, Olayemi Cardoso, who spoke at the end of the committee two day meeting on May 19 and 20, said the committee retained the Standing Facilities Corridor around the MPR at +50/-450 basis points.
The committee maintained all key policy parameters at their current levels, signalling a continued cautious stance on inflation management and broader macroeconomic stability.
Cash Reserve Requirement (CRR) for Deposit Money Banks was retained at 45.00 per cent, Merchant Banks at 16.00 per cent, and 75.00 per cent for non-TSA public sector deposits.
The MPC’s decision to retain rates occurred after an increase in Nigeria’s inflation rate.
According to the recent Consumer Price Index report released by the National Bureau of Statistics, the country’s headline inflation rose marginally to 15.69 per cent in April 2026 from 15.38 per cent in March 2026, representing a 0.31 percentage point increase.
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