🇳🇬 Nigeria cuts benchmark rate by 350 basis points to 23%

Nigeria’s central bank cut its benchmark interest rate to 23% from 26.5% after a two-day Monetary Policy Committee meeting in Abuja on Tuesday, in a surprise move for markets. The 350-basis-point reduction comes as inflation slows and pressure grows to lower borrowing costs for manufacturers and other businesses.

The decision was announced under Central Bank of Nigeria Governor Olayemi Cardoso. It marks a shift in monetary policy after previous tightening aimed at containing inflation.

#Nigeria

🔸 Source

@africaintel