Nigeria’s central bank has maintained its benchmark lending rate at 27.50%, Governor Olayemi Cardoso announced on Thursday.
The decision comes after the bank implemented six rate hikes last year, totaling 875 basis points, in a bid to curb inflation. Earlier this week, the National Bureau of Statistics reported a significantly lower annual inflation rate of 24.48% for January, following a rebasing exercise.
The stability of the naira since December may have influenced the central bank’s decision to hold rates steady, offering some reassurance about the country’s economic outlook.
The move signals a cautious approach as policymakers assess the impact of previous tightening measures on inflation and economic stability.
