Nigeria cuts interest rate for the first time in nearly three years

Nigeria, Africa’s largest economy, has reduced its headline interest rate by 50 basis point to 13.50%.

For more than years, Africa’s largest economy maintained its headline interest rate at 14% after it witnessed its worst recession in over 20 years in 2016.

The latest easing in interest rate was attributed to a drastic drop in inflation rate which has since declined from over 15% during the height of the recession to 11.37%.

The Central Bank Monetary Policy Committee, MPC, said it is to stimulate growth in the economy to encourage borrowing.