Nigeria, May 20 -- The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Wednesday retained the benchmark interest rate at 26.5 per cent.

CBN Governor Olayemi Cardoso announced the decision at the conclusion of the bank's two-day MPC 305th meeting, held from 19 to 20 May in Abuja.

The decision comes after the central bank earlier reduced the Monetary Policy Rate (MPR) by 50 basis points in February, bringing it down from 27 per cent, a level it had held steady since November 2025.

Speaking after the meeting, the CBN boss said that the committee's decision is based on the recent surge in inflation and external shocks.

"The decisions of the MPC were anchored on a comprehensive assessment of risk to the outlook, alt...