Nigeria cenbank cuts lending rate to banks to 14%

The Central Bank of Nigeria announced on Thursday it had slashed its benchmark minimum rediscount rate (MRR) by 200 basis points to 14%, saying this reflected the low level of inflation in the West African country. "The essence of the downward review was to influence indirectly the level and direction of change in interest rates," the bank said in a statement.

The MRR, the rate at which the central bank lends to commercial banks, has now fallen cumulatively by 400 basis points since last April

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