CBN keeps rates steady as business groups warn of manufacturing pressures
The Central Bank of Nigeria, led by Olayemi Cardoso, has decided to maintain the benchmark interest rate at 26.5 per cent. This move comes amid rising inflation and concerns about exchange rate stability. Members of the Organised Private Sector have expressed mixed reactions, warning that high rates could hurt small businesses and manufacturing. The decision follows recent increases in headline and food inflation, with the CBN emphasizing ongoing reforms and the importance of exchange rate stability.
TLDR
- The Monetary Policy Committee retained the interest rate at 26.5 per cent, citing inflation and external risks.
- Olayemi Cardoso said Nigeria had 11 straight months of disinflation before the recent inflation uptick.
- Headline inflation rose to 15.69 per cent in April 2026 from 15.38 per cent in March, while food inflation also increased.
- Gross external reserves stood at $49.49bn as of May 15, 2026, up from $48.35bn at the end of March.
- The next MPC meeting is scheduled for July 20 and 21, 2026.
