Nigeria’s central bank lowers benchmark interest rate to 23%
Nigeria’s Monetary Policy Committee has reduced the benchmark interest rate from 26.5 per cent to 23 per cent, according to Central Bank Governor Olayemi Cardos. The decision was announced after the committee’s meeting, although the supplied report gives no further details about the policy discussion or its expected effects.
Nigeria’s Monetary Policy Committee has cut the country’s benchmark interest rate to 23 per cent from 26.5 per cent, according to Central Bank Governor Olayemi Cardos, as reported by Punch Nigeria. The decision follows a meeting of the committee, the central bank’s rate-setting body. The supplied report identifies the new rate and the previous benchmark but does not provide details of the vote, the committee’s reasoning or any accompanying policy measures.
The report also does not state how the change is expected to affect borrowing costs, lending conditions, inflation or the wider economy. No reaction from financial institutions, businesses or consumers was included in the available material. The rate reduction is the central decision reported from the meeting.
Further information about the announcement was not provided in the source material.
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