The Central Bank of Nigeria cut its policy rate by 50 basis points in its first change for three years, as the future of governor Godwin Emefiele remained unclear.
The CBN’s monetary policy committee said in a statement on March 26 that six of its 11 members had voted for the cut to 13.5%. Only two members voted to hold the policy rate at its current level, while one voted for a larger cut of 100bp and two for a smaller reduction of 25bp.
Recent pressure on emerging economies’ currencies and
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