Nigeria, July 22 -- 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 third 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.

The benchmark interest rate, formally known as the Monetary Policy Rate (MPR), is a key tool used by central banks to influence borrowing costs, inflation, and overall economic activity.

The committee also left other key policy parameters unchanged, including the asymmetric c...