Current Gist

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday retained the Monetary Policy Rate, the benchmark interest rate, at 26.5 per cent for the second consecutive meeting, citing renewed geopolitical tensions in the Middle East and persistent inflationary risks despite a slight moderation in domestic inflation.

The decision was announced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, at the end of the MPC’s 306th meeting in Abuja, which was attended by all 11 members.

Cardoso said the committee resolved to “retain the monetary policy rate at 26.5 per cent.” The MPC also retained the standing facilities corridor around the MPR, the Cash Reserve Ratio at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account public sector deposits.

The decision follows the committee’s previous decision to hold rates after implementing a 50-basis-point cut in February 2026.

So This Happened (EP 259) review the celebration of Prof. Wole...

Meanwhile, members of the organised private sector and economists backed the MPC’s decision to retain the benchmark interest rate, describing it as the most sensible option amid global uncertainty, while urging the CBN to begin easing rates when inflation and external risks moderate to support manufacturers and other productive sectors.

The PUNCH observed that the latest decision came despite a marginal decline in Nigeria’s headline inflation rate.

According to the National Bureau of Statistics, headline inflation eased to 15.91 per cent in June 2026 from 15.93 per cent in May, marking its first decline after three consecutive monthly increases. Inflation had risen from 15.06 per cent in February to 15.38 per cent in March, 15.69 per cent in April and 15.93 per cent in May.

Explaining the committee’s decision, Cardoso said members considered the balance of risks and concluded that maintaining the current policy stance remained the most appropriate option.

“The committee’s decision to maintain the current policy stance followed a thorough assessment of the balance of risks. Although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East. In view of the evolving developments, maintaining a cautious monetary policy stance remains appropriate,” he said.

He added that the committee carefully assessed the renewed conflict in the Middle East because of its implications for global energy prices and the possible transmission to domestic inflation.

The CBN governor said, “In arriving at its decision, the committee noted the recent resurgence of hostilities in the Middle East, with particular attention to its spillover effects on global energy prices and the potential pass-through to domestic inflation.”

Cardoso, however, said the Nigerian economy had remained resilient to external shocks, reflecting the impact of reforms implemented by both the fiscal and monetary authorities.

“Available evidence suggests that the Nigerian economy has remained largely resilient to the external shocks, reflecting the gains from prior reforms implemented by the fiscal and monetary authorities,” Cardoso said.

He said retaining the current policy stance would allow the committee to monitor incoming economic data and assess the direction of inflation before taking further action.

AKWETE to the World. 👌

Nigeria's First Lady, Senator Oluremi Tinubu, Donated ₦2Billion For Revitalisation Of Akwete Weaving Heritage In Ukwa East, Abia State

”We should not let our children forget that.
"To the women of Akwete, I heard your cry. I am here to announce to all Nigerians and the Igbo people that it is time to take Akwete fabric to the national stage.
‎”Therefore, all the notable sons and daughters of Igbo land should rise up to preserve this culture. On my part, I am donating N2 billion for the project,”
.........The First Lady of Nigeria, Senator Oluremi Tinubu

Exchange Rates 21/07/2026

FG Finance Minister:

"I think there is a need for some clarification on how debt numbers are reported.

First, for external loans, we always need the approval of the National Assembly. What tends to happen is that when we get the approval of the National Assembly, the media rightly reports it.

Many people take that as money already borrowed. When we eventually borrow the money, it is reported again.

I think it was last year when the National Assembly approved about $20 billion, based on the MTEF.

People adopt those big numbers as the amount we have borrowed. That is misleading.

We are currently finalising this breakdown in the Ministry of Finance. We will make it available to the public.

It will show how much the National Assembly approved, how much we have actually borrowed, and how it has been spent.

We have not exceeded what the National Assembly approved. In fact, we have not even taken half of what the National Assembly approved.

We are also guided by the Fiscal Responsibility Act, which only allows the government to borrow for capital expenditure and human development. We are mindful of that.

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CBN Governor Cardoso Schools Abati & Rufai on Nigeria's Foreign Reserves CBN Governor Yemi Cardoso schools Arise TV's Dr. Reuben Abati and R...

FG has revived 16 abandoned digital e-library projects across Federal Unity Colleges & commissioned a state-of-the-art digital hub at the FGC Kano, as part of efforts to modernise public schools and expand access to technology-driven learning.

Attempt this.

Arsenal Contingent

Spain 1-0 Argentina:
Ferran's extra-time winner sees Spain's second World Cup

World Cup. Third place match

France v England @ 10pm.

Who will win this?