Nigeria, May 20 -- The Central Bank of Nigeria on Tuesday kept its key interest rate unchanged at 27.5 per cent.

The decision, announced by CBN Governor Olayemi Cardoso at the end of a two-day Monetary Policy Committee (MPC) meeting in Abuja, marks the second time in a row that the bank has opted to hold the rate steady.

The bank had steadily raised the rate from 11.5 per cent in 2022, including six hikes in 2024 alone, amounting to a cumulative 875 basis points.

Mr Cardoso said the committee's decision to maintain the rate was unanimous and driven by recent positive macroeconomic indicators.

"The MPC noted the relative improvements in some key macroeconomic indicators which are expected to support the overall moderation in prices in ...