The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the Monetary Policy Rate (MPR) at 26.5% following its 305th meeting held in Abuja.
The decision was announced by CBN Governor Olayemi Cardoso at the conclusion of the session on Wednesday. Alongside the main lending rate, the committee left all other key monetary policy tools unchanged, signalling a continuation of the current approach to managing inflation and supporting financial system stability.
MPC Maintains Steady Course
This latest hold comes months after the central bank reduced the rate by 50 basis points in February 2026 and subsequently held it steady at the previous MPC meeting in November 2025. The committee’s decision reflects ongoing efforts to balance price stability with economic growth.
New Benchmark for Money Market
In a related development, the CBN has also announced the introduction of the Nigerian Overnight Financing Rate (NOFR) as a new benchmark for the country’s money market. The initiative is designed to enhance transparency and strengthen the transmission of monetary policy.
The disclosure came in a statement issued by the apex bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali. According to the statement, the benchmark was developed in collaboration with the Financial Markets Dealers Association (FMDA) to deepen Nigeria’s financial system.
“The Central Bank of Nigeria, in collaboration with the Financial Markets Dealers Association, today announced the introduction of the Nigerian Overnight Financing Rate, a standardised benchmark aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market,” the statement read.
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