Nigeria’s foreign exchange reserves have climbed to $55.25 billion, the highest level in about 18 years, as the Central Bank of Nigeria (CBN) announced a series of positive external-sector indicators and cut the benchmark interest rate from 26.5 per cent to 23 per cent. The latest figures were contained in the communiqué issued after the 307th meeting of the Monetary Policy Committee (MPC) on Tuesday. The development marks another major shift in the CBN’s monetary policy direction under Governor Olayemi Cardoso, following sustained improvements in the country’s external position. According…
Read MoreNIGERIA’S RESERVES HIT 18-YEAR HIGH AT $55.25BN AS CBN CUTS INTEREST RATE TO 23%
