CBN Holds Interest Rate at 26.5% Amid Food Inflation Surge and Middle East Tensions

The Central Bank of Nigeria has kept its Monetary Policy Rate at 26.5% in response to global uncertainties and rising food prices. Governor Yemi Cardoso noted domestic food inflation climbed to 17.52% even as core inflation eased. The bank also maintained cash reserve requirements and its policy corridor to closely monitor economic trends. Nigeria’s GDP expanded by 3.89% in Q1 2026, and external reserves rose to $52.5 billion. The CBN introduced an overnight rate benchmark to boost interbank market transparency and reaffirmed the resilience of the banking sector.

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