The Monetary Policy Committee of the Central Bank of Nigeria has reduced the monetary policy rate from 27 per cent to 26.5 per cent. The Governor, Olayemi Cardoso, announced the decision on Tuesday, 24 February 2026, at the end of the committee’s 304th meeting in Abuja.
He said members voted unanimously to cut the benchmark rate by 50 basis points, citing a continued decline in inflation, which fell to 15.1 per cent in February 2026. The new rate is the lowest since May 2024, when it stood at 26.25 per cent.
Other policy parameters were left unchanged, with the cash reserve ratio retained at 45 per cent for deposit money banks and 16 per cent for merchant banks, while the liquidity ratio remains at 30 per cent.
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Mr Cardoso also said Nigeria’s gross external reserves rose to 50.45 billion dollars as of 16 February 2026, the highest level in 13 years, and added that the next MPC meeting is scheduled for 19 and 20 May 2026.
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