The 11 members of the Monetary Policy Committee (MPC) unanimously resolved to hold interest rates unchanged at 26.5 per cent on Wednesday at its 305th meeting.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who announced the decision, said the current reserves position was sufficient to provide 9.04 months import cover for goods and services.
Cardoso disclosed that Nigeria’s external reserves stood at $49.49 billion as of May 15, 2026, from a $48.35 billion position on the March figure.
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