The Nigerian Central Bank has cut its key interest rates from 13% to 11%, a Bloomberg news agency correspondent in Lagos reports.
The Central Bank of Nigeria has cut its benchmark interest rate from 13% to 11% on Tuesday, CBN Governor, Godwin Emefiele said.
The move was unexpected, with most analysts forecasting the central bank, which has been battling to keep a lid on inflation, would hold rates at 13 per cent.
The bank's monetary policy committee had also decided to cut the cash reserve ratio from 25% to 20%, he said.
It's the first time the central bank has lowered rates in six years and comes as central banks from Uganda to South Africa have moved to hike rates.
The graph below posted by one a Bloomberg news agency correspondent in Lagos shows interest rates over recent years: