Nigeria’s central bank holds benchmark rate at 27.50%

ABUJA: Nigeria’s central bank kept its monetary policy rate unchanged at 27.50%, its governor Olayemi Cardoso said on Tuesday.

The decision marks the third consecutive time this year that the bank’s Monetary Policy Committee has kept the rate steady after hiking six times last year.

Most economists polled by Reuters had predicted the Central Bank of Nigeria would keep the rate unchanged.

“The decision was premised on the need to sustain disinflation and sufficiently contain price pressures. Maintaining the current monetary stance will continue to address the existing and emerging inflationary pressure,” Cardoso said.