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.

Nigeria’s central bank paused its steep campaign of monetary tightening, after an overhaul of the data used to calculate inflation showed it had significantly slowed. Most Read from BloombergTrump to Halt NY Congestion Pricing by Terminating ApprovalSorry,

The Central Bank of Nigeria, Monetary Policy Committee (MPC) has decided to retain the Policy Rate (MPR) which means that banks' lending rate will not change.