Nigeria, July 21 -- The Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 26.5 per cent, maintaining a cautious stance amidst inflationary pressures.

CBN Governor Olayemi Cardoso disclosed the committee's decision at the conclusion of the bank's two-day, 306th Monetary Policy Committee (MPC) meeting, held from 20 to 21 July in Abuja.

This decision marks the second consecutive retention of the Monetary Policy Rate (MPR) at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent. Speaking after the meeting, the CBN Governor stated that the committee's decision was based on a thorough assessment of the economy.

"The MPC decision followed a thorough assessment of the balance; although headli...