A view shows Nigeria’s Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. REUTERS/Afolabi Sotunde//File Photo

ABUJA, May 20 (Reuters) – Nigeria’s central bank kept its monetary policy rate unchanged at 27.50% its governor Olayemi Cardoso said on Tuesday.

Most economists polled by Reuters had predicted the Central Bank of Nigeria would keep the rate unchanged.

“The committee was unanimous in its decision to hold policy rate to enable a better understanding of near-term developments,” Cardoso announced after the bank’s Monetary Policy Committee Meeting.

This marks the second consecutive meeting where the bank has maintained its rate, following six increases last year.

This is a s developing story…

(Reporting by Elisha Bala-Gbogbo and Chijioke Ohuocha; Writing by Anait MiridzhanianEditing by Bate Felix)

Advertisement