Nigeria cuts interest rates for the first time in five years

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Nigeria’s central bank cut its key interest rate for the first time since the Covid-19 pandemic in 2020, amid slowing inflation and a recent strengthening in the naira.

The 12-member monetary policy committee lowered the benchmark rate to 27% from 27.5%, Governor Olayemi Cardoso told a briefing in the capital, Abuja, on Tuesday.