Nigeria's central bank left its key interest rate unchanged at 26.50% on May 20, 2026, following a 50 bps rate hike in February. The meeting marked policymakers’ first gathering since the Iran conflict erupted. Governor Olayemi Cardoso said a cautious and vigilant stance was needed to anchor inflation expectations and safeguard macroeconomic stability. Nigeria’s headline inflation rate climbed to a five-month high of 15.7% in April, up from 15.4% in March, with prices rising 2.1% on the month.