The Central Bank of Nigeria (CBN) has maintained its benchmark interest rate at 27.50%, opting for stability following the rebasing of the Consumer Price Index (CPI). The decision reflects a cautious approach by Governor Olayemi Cardoso, balancing inflation control with economic recovery efforts.
The rebasing, conducted by the National Bureau of Statistics (NBS), adjusted Nigeria’s inflation rate from 34.48% to 24.48%, reflecting updated spending patterns. Analysts had widely expected the CBN to hold rates, as further tightening could stifle business growth, while a premature cut might worsen inflation.
Since early 2024, the CBN has aggressively raised rates to stabilize the naira and curb inflation. With the next Monetary Policy Committee (MPC) meeting set for May 2025, investors will be closely watching for signs of a policy shift.
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