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.

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,