Greenwich Merchant Bank

22/09/2026

MPC Cuts MPR by 350bps to 23.00%, Recalibrates Asymmetric Corridor

At its 307th meeting held on September 21st and 22nd, 2026, the Central Bank of Nigeria’s Monetary Policy Committee (MPC) made key decisions to ease the monetary policy stance. The 11-member Committee voted to implement the following policy adjustments:

1. Reduced the MPR by 350bps to 23.00%

2. Adjusted the asymmetric corridor to +50bps/-300bps around the MPR. This narrows the Standing Deposit Facility from MPR-450bps to MPR-300bps, lifting the effective deposit floor from 22.00% to 20.00% - a detail worth flagging separately to money-market desks.

3. Retained the CRR for Deposit Money Banks at 45.00% and Merchant Banks at 16.00%.

4. Retained 75% CRR for Non-TSA Public sector deposits for enhanced liquidity management.

5. Retained the Liquidity ratio at 30.00%.

This decision follows three consecutive months of moderating headline inflation (15.39% in August 2026, down from 15.43% in July), a strengthening naira (around N1,330/$ at the NFEM), and external reserves above $54 billion - an 18-year high. Governor Cardoso described the recalibration of the asymmetric corridor as an operational reset to address the divergence between the MPR and prevailing market rates, rather than a change in the underlying policy stance, as the Bank transitions toward an inflation-targeting framework.

The Committee's next meeting (308th MPC) is scheduled for November 23–24, 2026.

15/09/2026

09/09/2026

Highlights from Greenwich Live at the 19th CIBN Annual Banking & Finance Conference in Abuja.

Engaging conversations, valuable insights, and meaningful connections as we joined industry leaders to shape the future of banking and finance.

08/09/2026

Our MD/CEO, Benson Ogundeji, was at the 19th CIBN Annual Banking & Finance Conference in Abuja, joining key industry leaders in conversations shaping the future of banking and finance in Nigeria.

For Greenwich, the conference represents another opportunity to engage, contribute and remain at the forefront of conversations driving growth and a stronger financial sector.

CIBN

08/09/2026

01/09/2026

Nigeria GDP Grew By 4.43% in Q2 2026

The National Bureau of Statistics (NBS) reported a year-on-year GDP growth of 4.43% in Q2 2026. This represents an improvement of 20 basis points over the 4.23% recorded in Q2 2025 and also reflects an acceleration from the 3.89% growth posted in Q1 2026.

All three major sectors recorded positive growth in Q2 2026, though performance was mixed across them. Agriculture grew by 4.39%, an improvement from 2.82% in Q2 2025, reflecting stronger output from crop production and related activities. The Industry sector grew by 3.96%, a sharp slowdown from 7.46% in Q2 2025, while the Services sector grew by 4.60%, higher than the 3.94% recorded in Q2 2025. By sectoral share, Services remained the largest contributor, accounting for 56.62% of total GDP, followed by Agriculture at 26.15% and Industry at 17.23%, reflecting the economy's continued structural tilt towards service-led output.

The oil sector recorded year-on-year growth of 7.31% in Q2 2026, a deceleration from the 20.46% achieved in Q2 2025, though up 4.74 percentage points from the 2.57% recorded in Q1 2026. On a quarter-on-quarter basis, the sector grew by 10.91%. Average daily crude oil production stood at 1.72 million barrels per day (mbpd), higher than the 1.68 mbpd in Q2 2025 and the 1.55 mbpd recorded in Q1 2026. The oil sector contributed 4.16% to total real GDP, higher than both the 4.05% in Q2 2025 and the 3.92% recorded in Q1 2026.

The non-oil sector grew by 4.31% in real terms in Q2 2026, higher than the 3.64% recorded in Q2 2025 and the 3.94% achieved in Q1 2026. The sector contributed 95.84% to total GDP in Q2 2026, lower than both the 95.95% recorded in Q2 2025 and the 96.08% contribution in Q1 2026.

17/08/2026

Headline Inflation Eases to 15.43% Year-on-Year in July 2026

 

Nigeria's headline inflation printed at 15.43% y/y in July 2026, down from 15.91% y/y in June 2026, according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS), representing a 0.48 percentage point decrease. On a month-on-month basis, inflation equally eased to 1.57%, down 0.09 percentage points from 1.66% in June 2026. This points to a slower pace of price growth in July compared with the previous month.

 

Food inflation stood at 20.31% year-on-year in July 2026, up from 17.52% in June 2026 but lower than the 26.20% recorded in July 2025. The increase reflects continued upward pressure on the prices of staple food items. Also, on a month-on-month basis, food inflation rose to 5.56% in July 2026 from 3.75% in June 2026, reflecting underlying price pressures.

 

Core inflation, which excludes volatile agricultural products and energy prices, stood at 15.92% y/y in July 2026, lower than the 23.95% recorded in July 2025, and a 0.95 percentage point decrease from the 15.92% recorded in June 2026. On a month-on-month basis, core inflation decreased to 0.15% from 1.66% in June 2026, representing a 1.51 percentage point decline.