Nigeria holds record interest rate as inflation pressures persist

• Nigeria’s central bank held its benchmark interest rate at a record 27.5% to sustain disinflation momentum
• Governor Olayemi Cardoso cited persistent price pressures and external risks as reasons for maintaining the tight monetary stance

ABUJA, NIGERIA – Nigeria’s central bank kept its benchmark interest rate unchanged at a record high of 27.5% on Tuesday (July 22), holding off on a widely anticipated cut despite signs of easing inflation.