This marks a shift from six rate hikes in 2024.
Nigeria’s central bank has opted to maintain its benchmark lending rate at 27.50%, as announced by Governor Olayemi Cardoso.
The bank made the decision at its 299th Monetary Policy Committee (MPC) meeting concluded today.
This development comes on the heels of the rebasing exercise by the west African nation statistics agency recently, revealing a significantly lower annual inflation rate of 24.48% last month from 34.80% in December last year.
The rate hikes in 2024 cumulatively totaled 875 basis points, aimed at reining in inflation.