CBN Reduces Interest Rate From 12.5% To 11.5%

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The Central Bank of Nigeria unexpectedly cut its key interest rate to its lowest since 2016 as it chose to boost a contracting economy over fighting inflation that’s been above target for more than five years.

Of the 10 members of the monetary policy committee who attended its meeting, six voted to lower the rate to 11.5% from 12.5%, Governor Godwin Emefiele said at a briefing in the capital, Abuja, on Tuesday. That’s the second cut this year. All six economists in a Bloomberg survey expected the rate to remain unchanged.

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