Nigeria’s Central Bank Lowers Rate, Foreign Reserves Surge to $50bn

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s Central Bank of Nigeria has reduced its key interest rate to 26.5 percent, citing easing inflation and stronger banking sector performance.

Governor Olayemi Cardoso highlighted that foreign reserves have reached a 13-year high of $50 billion, providing a significant boost to the economy. However, the CBN warned that unchecked pre-election spending could threaten these gains.

But the CBN warned that pre-election spending could undo progress if not checked.