Nigeria slashes rates by 100bp
Central bank thinks stimulus package can still prevent the economy from entering recession
The Central Bank of Nigeria reduced the monetary policy rate by 100 basis points to 12.5% on May 28, in a bid to prevent the African economy from entering recession.
The monetary policy committee stressed the impact that weakening global macroeconomic conditions, caused by Covid-19 and lower oil prices, were having in Nigeria, a major oil exporter. According to official data, real GDP grew by 1.9% in the first quarter of 2020 compared with 2.6% in the final quarter of 2019, and 2.1% in last
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