Nigeria has lowered its interest rates by 0.5 percentage points, from 14% to an annual rate of 13.5%.
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 July1th 2016, when the Central Bank increased interest rates by 2 percentage points to 14%.
Here we show you the progression of interest rates in Nigeria. You can see interest rates in other countries in interest rates and see all the economic information about Nigeria in Nigeria economy.