CBN holds interest rate at 27%
The Monetary Policy Committee(MPC)of the Central Bank of Nigeria(CBN) has retained the benchmark interest rate at 27 per cent, extending its decision to pause further monetary tightening.
CBN Governor Olayemi Cardoso announced the decision on Tuesday after the committee’s 303rd meeting in Abuja.
He explained that the majority of MPC members agreed that holding the current stance was the most appropriate step in light of prevailing economic indicators.
“The Committee decided by a majority vote to maintain the monetary policy stance,” Cardoso said, noting that members did not consider the economic environment stable enough to justify another rate cut.
The decision follows a modest 50-basis-point reduction in September 2025 — the first and only downward adjustment since the current monetary tightening cycle began under the Cardoso-led administration.
With Tuesday’s announcement, the MPC has now kept the Monetary Policy Rate unchanged for the fourth consecutive time this year.
In 2024, the MPC had raised interest rates six times in response to soaring inflation and pressures on the naira, marking one of the most aggressive tightening phases in recent years.
Though inflation has shown signs of easing, policymakers signalled they preferred a cautious approach as they monitor the durability of economic improvements.
