Nigeria holds key interest rate

Nigeria's Monetary Policy Committee has opted to maintain its current interest rate following its latest meeting in Abuja.

The central bank is attempting to balance the need for economic growth with the urgent requirement to curb inflation, which has quickened to a five-month high.

Governor Olayemi Cardoso noted that the Iran war has significantly impacted domestic fuel prices, creating a challenging environment for the nation's fragile recovery.

While some analysts had expected a rate cut to stimulate investment, the bank maintained its hawkish stance to protect the value of the naira.