Nigeria's Monetary Policy Rate (MPR), lending rates, deposit rates and MPC meeting history.
| Date | MPR | Change | Decision |
|---|---|---|---|
| Feb 2026 | 26.50% | -50bps | ↓ Cut |
| Nov 2025 | 27.00% | 0bps | → Hold |
| Sep 2025 | 27.00% | -50bps | ↓ Cut |
| Jul 2025 | 27.50% | 0bps | → Hold |
| May 2025 | 27.50% | 0bps | → Hold |
| Feb 2025 | 27.50% | +50bps | ↑ Hike |
| Nov 2024 | 27.00% | +25bps | ↑ Hike |
| Sep 2024 | 26.75% | +50bps | ↑ Hike |
| Jul 2024 | 26.25% | +50bps | ↑ Hike |
| May 2024 | 25.75% | +150bps | ↑ Hike |
| Feb 2024 | 22.75% | +400bps | ↑ Hike |
Nigerian commercial banks typically lend at 25–35% above the MPR. With the MPR at 26.5%, expect lending rates of around 28–35% for most bank loans. Some manufacturers and SMEs face rates as high as 50–60%. A lower MPR should gradually bring loan costs down over time.
CBN mandates a minimum savings rate of 9% per annum. Fixed deposit rates at most commercial banks are typically 10–18%. High-yield savings at fintechs like Cowrywise, PiggyVest and Kuda can offer 12–18%. These rates should improve slightly as the MPR eases.
CBN Treasury Bills (T-Bills) currently offer yields of 18–22% per annum — one of the best risk-free returns available in Nigeria. FGN Bonds offer 17–21% for longer tenors. These are accessible through banks, stockbrokers and fintechs like Cowrywise and Stanbic IBTC.
The CBN's rate cut reflects confidence in naira stability. External reserves hit a 13-year high of $50.4 billion in February 2026, providing 9+ months of import cover. This supports the CBN's ability to maintain a stable exchange rate even as monetary policy eases.
The CBN Monetary Policy Rate (MPR) is 26.5% as of February 24, 2026, after a 50 basis point cut from 27%. This is the benchmark rate that influences all other interest rates in Nigeria's economy.
The MPC meets roughly every two months. The next meeting after February 2026 is expected in May 2026. Decisions are announced by the CBN Governor at a press conference. Follow cbn.gov.ng for official announcements.
The MPR is the rate at which CBN lends to commercial banks. Commercial banks then lend to customers at a higher rate (prime lending rate) to make profit. Nigeria's prime lending rate is typically 5–10 percentage points above the MPR.
Visit the CBN official website at cbn.gov.ng/MonetaryPolicy for official MPR history and monetary policy decisions. For money market rates, visit cbn.gov.ng/rates.