CBN Holds Rate at 26.5%, Naira Steady at ₦1,371 to the Dollar

The Central Bank of Nigeria kept its monetary policy rate at 26.5% during its May 19–20 Monetary Policy Committee meeting. All 11 members were present. On May 21, early trading showed the Naira at ₦1,371.25 to the US dollar, reflecting little change from recent levels around ₦1,373. The CBN said it maintained the rate to tackle high inflation and preserve economic stability. It also left its standing lending and deposit rates unchanged to manage liquidity. Forex traders report steady activity, thanks to sufficient dollar supply. Experts believe the bank’s cautious stance is bolstering the Naira despite ongoing inflationary pressure.

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