CBN maintains 26.5% rate, naira stable at ₦1,371/$

The Nigerian Naira remained stable against the US Dollar in the official foreign exchange market on Thursday morning after the Central Bank of Nigeria (CBN) decided to keep its interest rate at 26.5%.

The decision was made during the bank’s 305th Monetary Policy Committee meeting held on May 19 and 20. All 11 members were present.

Early trading on May 21, 2026, showed the Naira at ₦1,371.25 per US Dollar, which is close to recent rates around ₦1,373. This shows that the exchange rate has not changed sharply in recent days.

The CBN said it kept the interest rate unchanged because inflation is still high, and it wants to maintain economic and financial stability. The bank also said the goal is to control money supply and reduce pressure on prices.

CBN Governor Olayemi Cardoso explained that the committee also kept the standing lending and deposit rates unchanged within the corridor around the MPR. This is part of efforts to guide how much money flows in and out of the economy.

Traders in the foreign exchange market say activity has been steady, with enough dollar supply helping to reduce sudden changes in the exchange rate. This has kept trading within a narrow and stable range.

Experts believe the CBN’s tight monetary policy is helping to support the Naira, even though inflation remains a concern. They say the central bank is likely to continue this cautious approach in the coming months.

With the interest rate still at 26.5%, the CBN continues its strict policy stance to support the Naira, manage inflation, and keep the economy stable.