CBN Holds Rate at 26.5% as Naira Steadies at 1,371 per Dollar
By Aboki Forex —
The Central Bank of Nigeria has retained the Monetary Policy Rate at 26.5 percent after its 305th MPC meeting on May 19 and 20. Eleven members attended the two-day session.
Governor Olayemi Cardoso said the committee voted to hold all key parameters steady. The Standing Facilities Corridor remains at +50 and -450 basis points around the MPR.
The apex bank said the decision was influenced by persistent inflationary pressures and the need to sustain macroeconomic stability.
On Thursday morning, the Naira traded at 1,371.25 per US dollar in the official Nigerian Foreign Exchange Market. This followed opening sessions on May 21, 2026.
Daily averages in recent CBN-managed sessions hovered around 1,373 Naira. Liquidity in the official window remained active, supported by consistent interbank turnovers that kept the spot rate within a narrow range over the past week.
Traders reported that supply interventions and steady transaction matching prevented sharp morning volatility.
With the MPR held at 26.5 percent, the broader economic framework continues to favour a defensive stance for the local currency. Tight liquidity controls are expected to preserve the stability observed on both sides of the market.