CBN fixes May 19–20 for 305th MPC meeting after February rate cut

The Central Bank of Nigeria (CBN) on Wednesday announced that the 305th meeting of its Monetary Policy Committee (MPC) will be held on Tuesday, May 19, and Wednesday, May 20, 2026.

According to a notice issued by the apex bank, proceedings will commence at 10:00 a.m. on the first day and continue at 8:00 a.m. on the second day. The meeting will take place at the MPC Meeting Room on the 11th floor of the CBN Headquarters in Abuja.

The upcoming meeting follows the Committee’s last gathering in February 2026, where policymakers signalled a cautious shift in stance by lowering the Monetary Policy Rate (MPR) by 50 basis points to 26.5 percent.

At that 304th meeting held on February 23 and 24, the MPC also retained the asymmetric corridor around the MPR at +50/-450 basis points. The Cash Reserve Requirement (CRR) was left unchanged at 45 percent for Deposit Money Banks, 16 percent for Merchant Banks, and 75 percent for non-TSA public sector deposits.

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The Committee said its decision to ease rates was based on a balanced assessment of risks, noting that inflation had continued to decline. Headline inflation slowed year-on-year in January 2026, marking the eleventh consecutive month of deceleration.

According to the MPC, the disinflation trend was driven by the lagged impact of earlier monetary tightening, improved stability in the foreign exchange market, and stronger capital inflows, alongside a better balance of payments position. Relative stability in petroleum product prices and improved food supply, particularly staples, also helped moderate price pressures.

The Committee noted that these developments indicate that previous policy tightening measures have continued to anchor inflation expectations, creating room for a modest rate cut.

Market participants will be watching the May meeting closely for further guidance on interest rates, inflation management, exchange rate stability, and the broader economic outlook, as policymakers navigate evolving domestic and global conditions.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.