Nigeria, Feb. 20 -- The Central Bank of Nigeria has held its benchmark lending rate at 27.50 per cent, marking the first time it has opted to maintain the rate in almost three years.

CBN Governor Olayemi Cardoso disclosed this while addressing journalists at the end of a two-day MPC meeting held in Abuja.

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.

These include stability in the foreign exchange market, leading to an appreciation of the exchange rate, and the gradual moderation in PMS prices, ...