Nigeria cuts rates to encourage growth in ‘bold’ decision
The country lowers policy rate by 200bps
The Central Bank of Nigeria cut its policy rate by 200 basis points to 11% on November 24, as part of a package of measures aimed at easing monetary conditions.
"Monetary policy must remain bold in charting the desired course that would stimulate sustainable output growth in the country," said governor Godwin Emefiele in a statement.
Eight of the 10 monetary policy committee members at the meeting – two were absent – argued in favour of cutting rates, as they saw "room for monetary easing"
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