Experts say CBN’s surprise rate cut could boost growth, pressure FX

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The Central Bank of Nigeria surprised financial markets by cutting its benchmark interest rate from 26.5% to 23%, the first such reduction in nearly twenty years. Experts suggest this could boost economic growth but may also put pressure on the foreign exchange market.

Financial and economic experts have described the Central Bank of Nigeria's (CBN) decision to reduce its benchmark interest rate from 26.5% to 23% as a welcome but unexpected move, marking the first major reduction of its kind in nearly two decades. The post Experts say CBN’s surprise rate cut could boost growth, pressure FX appeared first on Nairametrics.