Nigeria cuts for first time in seven months

The Central Bank of Nigeria sliced 175 basis points off its key interest rate on Thursday with the scarcity of credit outweighing concerns over inflation.

The cut to the Monetary Policy Rate, the first since September 2008, leaves the measure at 8%.

The central bank said that rising food-price inflation was a "major pressure point" on monetary policy in the short-term. Inflation rose from 14% in the year to January to 14.6% in February, with food prices rising from 18.4% to 20%.

However, fear