Nigeria Holds Benchmark Interest Rate Steady

Nigeria's central bank left its benchmark interest rate unchanged. The move aims to contain inflation that reached a five-month high after the war in Iran increased domestic energy costs. The central bank cited the need to address price pressures from elevated energy expenses. Officials stated that keeping rates steady would help stabilize the economy amid these external factors.

Nigeria quickened following the conflict in Iran. Higher energy costs passed through to domestic prices, pushing the rate to its highest level in five months. The central bank assessed that maintaining the current rate would support efforts to limit further price increases. No specific timeline for future adjustments was provided in the announcement.