Nigeria slashes deposit rate to ease lending

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The Central Bank of Nigeria on Tuesday cut 100 basis points off its deposit rate to 1%, declared some state bonds liquid and expanded its quantitative easing programme in a bid to propel the West African country's economy forward.

At the conclusion of its Monetary Policy Committee meeting on Tuesday, members also voted unanimously to keep the key monetary policy rate and the standing lending facility rate unchanged at 6% and 8% respectively.

The one percentage point cut to its deposit rate was t

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