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Nigeria cuts rates sharply. Has stability finally arrived?

Busy street of Nigeria. Photo Muhammad Ibrahim @ Unsplash
Busy street of Nigeria. Photo Muhammad Ibrahim @ Unsplash

Vincent Nwanma

Vincent Nwanma is a seasoned analyst, columnist, and reporter with over 30 years of experience in business and economics journalism across Nigeria and Africa.
  • CBN cuts benchmark rate 350 basis points to 23%
  • Stronger reserves and easing inflation create policy room

 

ABUJA, NIGERIA — Nigeria’s central bank cut its benchmark interest rate by 350 basis points to 23% on Tuesday as easing inflation and stronger external buffers opened room for recalibration.

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