MPC · 2 min read · May 2026

305th MPC: Monetary Policy Rate Retained at 26.5%

Sources: CBN · Aztran Research

305th MPC Meeting | May 19–20, 2026

MPC RETAINED AT 26.5%

MPR (Monetary Policy Rate)

Retained

26.5%

CRR (Cash Reserve Ratio)

Retained

Various

Commercial Banks: 45%Merchant Banks: 16%Non-TSA Public Deposits: 75%

LR (Liquidity Ratio)

Retained

30%

SFC (Standing Facilities Corridor)

Retained

+50 / -450

Upper+50
Lower-450
Standing Lending Facility27%
Standing Deposit Facility22%

Official Decisions

  • Monetary policy rate (MPR) retained at 26.50%
  • The asymmetric corridor was retained at +50/+250 around the MPR
  • CRR of deposit money banks was retained at 45%
  • CRR of Merchant Banks was retained at 16%
  • CRR on non-TSA public sector deposits was retained at 75%
  • Liquidity ratio was held constant at 30.00%

MPC Update

  • Monetary policy rate (MPR) retained at 26.50%.
  • The asymmetric corridor was retained at +50/+250 around the MPR.
  • CRR of deposit money banks was retained at 45%.
  • CRR of Merchant Banks was retained at 16%.
  • CRR on non-TSA public sector deposits was retained at 75%.
  • Liquidity ratio was held constant at 30.00%.

Outlook

  • The Central Bank of Nigeria retained the MPR at 26.50%, citing the limited impact of geopolitical tensions, alongside the resilience of foreign reserves and exchange rates.
  • As the decision to hold rates had largely been priced into the market, yields are expected to experience only marginal movements.
  • Furthermore, the CBN's expectation of resilient economic growth in 2026 is likely to provide continued support for yields.