This decision was announced at the end of the MPC meeting on Tuesday.

Additionally, the committee chose to keep the Cash Reserve Ratio (CRR) unchanged at 50% for Deposit Money Banks and 16% for Merchant Banks.

Speaking at a press briefing on Tuesday after the 300th MPC meeting in Abuja, CBN Governor, , said all MPC members were unanimous in the decision to retain the interest rate.

“The Committee was unanimous in its agreement to hold all parameters,” he said.

reports this is the second time in 2025 the CBN has retained the country’s interest rate at 27.50% after six consecutive hikes recorded in 2024.

Cardoso explained that the Committee chose to pause and assess the impact of previous policy adjustments on inflation, economic growth, and exchange rate stability before taking further action.

“The Monetary Policy Committee noted with satisfaction recent macroeconomic developments which are expected to positively impact price dynamics in the near to medium term,” Cardoso said.

He highlighted the relative stability in the foreign exchange market, leading to an appreciation of the naira and the gradual decline in the price of Premium Motor Spirit (PMS), popularly called petrol, as key contributing factors to the decision.