Central Bank of Nigeria Communique No.164 of the 307th Meeting of Monetary Policy Committee held on September 21st and 22nd, 2026

Central Bank of Nigeria
Date: Tuesday, 22 nd September 2026
Ref: CBN/MPC/COM/164/307
Attention: News Editors/Gentlemen of the Press MONETARY POLICY COMMITTEE RESETS THE MONETARY POLICY RATE AT 23.00 PER CENT AND RECALIBRATES THE CORRIDOR The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 307 th meeting on September 21 and 22, 2026. The Committee examined recent trends in the global and domestic economic environment, considered emerging risks to the outlook, and evaluated their potential implications for monetary policy. Eleven (11) members of the Committee were in attendance. Decisions of the MPC The Committee decided as follows:

1. Reset the Monetary Policy Rate at 23 per cent.
2. Recalibrate the Standing Facilities Corridor to +50/-300 basis points around the MPR.
3. Retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent,
   Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent. The Committee decided to reset the MPR and recalibrate the policy corridor as an important operational realignment aimed at strengthening monetary policy transmission and reinforcing the primacy of the monetary policy rate. The MPC emphasized that the recalibration of the corridor does not constitute a change in the current monetary policy stance, but rather an operational reset to enhance the effectiveness of monetary policy and support the transition to an inflation targeting framework. Members are of the view that the current macroeconomic environment remains supportive of such a recalibration without undermining the disinflation process.