Nigeria has lowered its interest rates by 1 percentage points, from 12.5% to an annual rate of 11.5%.
The key rates a tool used by Central Banks to implement monetary policy.
A reduction in interest rates counters a weakening of prices, or a possible deflationary situation. It also revitalizes the economy and helps to increase exports.
This change is the first to have taken place since on May28th 2020, when the Central Bank lowered interest rates by 1 percentage points to 12.5%.