The Central Bank of Nigeria, Monetary Policy Committee (MPC) has decided to retain the Policy Rate (MPR) which means that banks' lending rate will not change.

The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent in January, the same rate as in November last year amid inflation drops. It also retained the Cash Reserve Ratio,

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 27.50 percent.

The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso said Nigeria’s current Consumer Price Index is reflective of the reality of consumption patterns. Cardoso made this known on Thursday during a press briefing at the end of the 299th Monetary Policy Meeting in Abuja.

Nigeria's central bank held its benchmark lending rate at 27.50%, its governor Olayemi Cardoso said on Thursday. The decision follows six rate hikes last year totalling 875 basis points to try to get inflation under control.