Policy trend
The full MPR cycle since 2020
Avg 2026 26.50% · Peak 27.5%
Economy · Interest Rates·Central Bank of Nigeria monetary policy decisions
Nigeria Interest Rate
February 2026
The CBN cut Nigeria's main interest rate, the Monetary Policy Rate, to 26.5% in February 2026. This page tracks the full MPC cycle, shows how the policy rate moved, and explains what it means in plain English for inflation, loans, and financial conditions.
Latest decision
26.5%
At its 304th meeting held on February 23-24, 2026, the MPC cut the policy rate by 50 basis points, kept the CRR for deposit money banks at 45%, and left the liquidity ratio at 30%.
Previous meeting
27.0%
Since 2020 low
+15.0 pts
MPR
26.5%
February 2026 · -50bps vs November 2025
Deposit money bank CRR
45%
Unchanged in February 2026
Standing facilities corridor
+50/-450bps
Around the MPR
Liquidity ratio
30%
Retained by the MPC
Decision intensity
Each MPC move in basis points
The biggest single move in this cycle was the 400 basis-point jump in February 2024. That decision reset the entire rate environment in Nigeria.
Policy settings
MPR and CRR in the recent cycle
The headline rate gets most attention, but reserve requirements tell you how restrictive the broader policy stance really is.
The CBN is easing, but only carefully
The February 2026 decision cut the MPR by 50 basis points to 26.5%. That is a real policy shift, but not a dramatic reversal. Rates are still far above the 11.5% level Nigeria had through most of 2021 and early 2022.
Tight conditions are still in place
Even after the cut, the CRR for deposit money banks remains at 45%. That means banks are still required to lock up a large share of deposits with the CBN, which keeps overall financial conditions tight.
MPR is the benchmark rate for the wider economy
The policy rate sounds technical, but it shapes lending costs, treasury-bill yields, deposit pricing, and the broader anti-inflation stance. This is the main benchmark rate for the Nigerian economy.
Recent record
Latest MPC decisions
These are the most recent settings decisions from the CBN. The full source log goes back much further, but these are the entries most likely to matter for readers following the current cycle.
| Meeting | MPR | Move | CRR | Corridor |
|---|---|---|---|---|
| Feb 23-24, 2026 | 26.50% | -50bps | 45% | +50/-450bps |
| Nov 24-25, 2025 | 27.00% | Hold | 45% | +50/-450bps |
| Sep 22-23, 2025 | 27.00% | -50bps | 45% | +250/-250bps |
| Jul 21-22, 2025 | 27.50% | Hold | 50% | +500/-100bps |
| May 19-20, 2025 | 27.50% | Hold | 50% | +500/-100bps |
| Feb 19-20, 2025 | 27.50% | +25bps | 50% | +500/-100bps |
| Sep 23-24, 2024 | 27.25% | +50bps | 50% | +500/-100bps |
| Jul 22-23, 2024 | 26.75% | +50bps | 45% | +500/-100bps |
Plain English
What the February 2026 MPR cut means
The CBN's cut to 26.5% is a sign that the tightening cycle has eased off, but it is not a return to cheap money. Nigeria is still operating with one of the highest policy-rate settings in its recent history.
For normal readers, the right way to think about this is simple: the central bank is no longer tightening as aggressively as it did in 2024, but it is still keeping policy restrictive enough to lean against inflation and currency pressure.
That is why this page tracks more than the MPR alone. The CRR, liquidity ratio, and corridor around the policy rate all help show whether the system is actually getting looser or whether the headline move is only a modest adjustment.