Abuja — Nigeria’s central bank cut its monetary policy rate by 50 basis points to 26.50% its governor Olayemi Cardoso said on Tuesday.
“The committee’s decision was premised on a balanced evaluation of risks to the outlook, which suggest that the ongoing disinflation trajectory would continue,” Cardoso told a press conference.
He said the lagged transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply were helping bring down inflation.
Inflation slowed to 15.10% year on year in January, down from 15.15% in December.
At the central bank’s last rate-setting meeting in November it maintained its policy rate.
*Elisha Bala-Gbogbo & Chijioke Ohuocha; MacDonald Dzirutwe; editing: Alexander Winning – Reuters
