Renewed Middle East hostilities prompt Nigeria to hold
Central bank keeps rates at 26.5%, despite moderating inflation
The Central Bank of Nigeria (CBN) has left its key interest rate unchanged at 26.5%, in line with market expectations. The decision, announced on July 21, marked the bank’s second consecutive hold following its 50 basis point cut in February.
In a communique, governor Olayemi Cardoso said the monetary policy committee had considered the resurgence of hostilities in the Middle East, with particular attention to their effects on global energy prices and the potential pass-through to domestic
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