Nigeria cuts benchmark rate to 26.5% as inflation eases

• Second rate cut in five years
• Inflation eases, reserves at decade high

ABUJA, NIGERIA – Nigeria’s central bank cut its benchmark interest rate to 26.5% on Tuesday, citing easing inflation and stronger external balances in Africa’s largest economy.

The Monetary Policy Committee voted for a 50 basis point reduction in the Monetary Policy Rate, marking only its second cut in five years as price pressures show signs of moderating.