Naira steadies at ₦1,371.25 as CBN keeps rates at 26.5%

Naira stabilized at ₦1,371.25 per US Dollar in the official forex market Thursday after Central Bank of Nigeria's MPC kept Monetary Policy Rate unchanged at 26.5% at its 305th meeting May 19-20. Governor Olayemi Cardoso announced the decision with Standing Facilities Corridor maintained at +50/-450 basis points, signaling continued tight liquidity control to preserve market stability. Recent daily averages hovered around ₦1,373, showing consistent trading patterns. With inflationary pressures persisting, the CBN maintained all key policy parameters at current levels. This defensive stance favors predictable forex rates for businesses and importers. Active interbank turnovers have kept the spot rate locked within a narrow boundary over the past week, preventing sharp volatility. How does this stable exchange rate affect your import/export business decisions for the coming quarter?

SOURCE: https://www.channelstv.com/2026/05/21/naira-steady-after-cbn-retains-interest-rate-at-26-5/