FX.co ★ Nigeria Holds Key Policy Rate at 27.5%

On July 22, 2025, Nigeria's central bank opted to maintain its benchmark interest rate at 27.5%, marking the third consecutive meeting without a rate change. The country's annual inflation rate decreased to 22.22% in June, representing the lowest level since April 2023 and the third month in a row of declining inflation. Conversely, core inflation showed a slight uptick, rising to 22.76% from May's 22.28%, and there was a marginal increase in month-on-month inflation to 1.68%. The central bank also drew attention to risks associated with global trade tensions and geopolitical instability, particularly the potential price consequences of U.S. tariffs, which could exacerbate imported inflation pressures. In light of these considerations, the Monetary Policy Committee emphasized the necessity of maintaining a consistent monetary policy to fully mitigate inflationary shocks.