CBN hold MPR at 26.5% — who dey suffer pass for this country?

So CBN Governor Olayemi Cardoso and the MPC crew just met on May 19 and 20, 2026, and decided to keep the Monetary Policy Rate at 26.5 percent. No cut, no increase. Just hold. And the reason? Inflation still dey rise — from 15.38 percent in March to 15.69 percent in April 2026, with food inflation hitting 16.06 percent. Meanwhile businesses like my own small manufacturing shop for Aba dey suffocate under high lending rates and expensive working capital.

I get the logic sha. The CBN don spend two years trying to rebuild credibility around price stability and exchange rate. If dem cut rate too early, naira assets go lose attraction, FX pressure go return, and inflation expectations go run wild. But the real question be: who dey feel this pain pass? Is it the SMEs wey dey borrow at 30 percent to buy raw materials, or the common man wey dey watch food prices climb every market day? Because even the Bank of England held at 3.75 percent with UK inflation at 3.3 percent, and South Africa actually raised by 25 basis points to 7 percent. So Nigeria no dey alone — but our situation still different.

Be honest... if you run a business for this country, how you dey survive with MPR at 26.5 percent and no sign of relief? Let's argue this.