The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent in January, the same rate as in November last year amid inflation drops. It also retained the Cash Reserve Ratio,

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 27.50 percent.

The Central Bank of Nigeria, Monetary Policy Committee (MPC) has decided to retain the Policy Rate (MPR) which means that banks' lending rate will not change.

CBN had been persistent in raising the lending rates since March 2022 when the rate stood at 11.5 per cent. The Monetary Policy Committee (MPC) of the bank stated on Thursday that its unanimous decision was influenced by recent macroeconomic developments, which it noted with satisfaction.

Nigeria's central bank left its benchmark interest rate unchanged on Thursday after six hikes last year, saying that it was reassured by stability in the foreign exchange market and saw inflation gradually falling.

The Monetary Policy Committee of the Central Bank of Nigeria has retained the country’s benchmark interest rate at 27.50 per cent following its 299th meeting in Abuja.

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria’s current Consumer Price Index is reflective of the reality of consumption patterns. Cardoso made this known on Thursday during a press briefing at the end of the 299th Monetary Policy Meeting in Abuja.

Nigeria's central bank held its benchmark lending rate at 27.50%, its governor Olayemi Cardoso said on Thursday. The decision follows six rate hikes last year totalling 875 basis points to try to get inflation under control.