Nigeria’s Central Bank has opted to leave its benchmark lending rate unchanged at 26.5%, following a two-day policy meeting in Abuja on Wednesday.
The Monetary Policy Committee, which convened for its 305th session with 11 members present, voted to hold the Monetary Policy Rate after weighing conditions around inflation, credit, and the broader economy. CBN Governor Olayemi Cardoso announced the decision at the close of the meeting.
All other monetary policy parameters were also left untouched, signalling that the apex bank intends to stay the course on its current strategy for price stability and financial system management.
The hold follows a 50 basis point rate cut in February 2026 — the bank’s first easing move in recent memory — and a prior pause at a November 2025 sitting. Policymakers appear to be taking a cautious, wait-and-see approach before making any further adjustments.
New Market Benchmark Launched
Separately, the CBN has unveiled the Nigerian Overnight Financing Rate (NOFR), a new standardised benchmark for the country’s money market. Developed in partnership with the Financial Markets Dealers Association, the rate is designed to improve transparency, sharpen the transmission of monetary policy decisions, and deepen Nigeria’s financial markets. The announcement was confirmed in a statement by Acting Director of Corporate Communications, Hakama Sidi-Ali.
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