CBN Holds Interest Rate at 27% as Cautious Monetary Stance Continues

The Monetary Policy Committee of the Central Bank of Nigeria has voted to keep the benchmark interest rate at 27 per cent, extending its pause on further monetary tightening.

CBN Governor Olayemi Cardoso announced the decision on Tuesday after the committee concluded its 303rd meeting in Abuja. He noted that a majority of members favoured maintaining the current stance, citing economic signals that remain too fragile to support a rate cut.

“The Committee decided by a majority vote to maintain the monetary policy stance,” Cardoso said, adding that conditions in the economy were not yet stable enough to justify easing.

Tuesday’s outcome follows a modest 50-basis-point cut in September 2025 — the first and only reduction since the tightening cycle began under the current CBN leadership. The latest hold marks the fourth consecutive meeting this year in which the Monetary Policy Rate has been left unchanged.

In 2024, the MPC implemented six rate hikes to curb soaring inflation and stabilise the naira, making it one of the most aggressive tightening periods in recent years.

While inflation has begun to ease, policymakers indicated they would continue to adopt a cautious approach as they assess the sustainability of recent economic improvements.