Nigeria’s Interest Rate Dilemma: Is 26.5% Sustainable?
Nigeria’s high interest rates are helping to contain inflation and support the naira, but they also make borrowing increasingly expensive for businesses and households. The question is whether 26.5% can restore economic stability without placing too much pressure on growth.
ET&A Research · 24 July 2026
On 21 July 2026, the Central Bank of Nigeria chose to keep the Monetary Policy Rate at 26.5%. It was the second consecutive meeting in which the rate was left unchanged, following a 50-basis-point reduction in February. The decision was broadly expected, but it still raises an increasingly important question: how long can an economy such as Nigeria’s operate with interest rates this high?
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