Nigeria central bank cut interest rate for first time since COVID-19 palava
Di Central Bank of Nigeria announce say dem don cut interest rate from 27.5% to 27%, afta di inflation begin to come down.
Nigeria central bank don announce dia first interest rate cut since 2020. Dem reduce di rate from 27.5% go 27% on Tuesday, sake of say inflation don dey calm down small.
Dis reduction for di Central Bank of Nigeria (CBN) lending rate na beta news for di government. President Bola Tinubu don dey do plenty reforms, like di one wey free di naira exchange rate and di one wey stop di expensive fuel subsidy.
Economists dey talk say dis reforms don tey wey dem suppose happen. Di data wey dem release on Monday show say Nigeria GDP grow by 4.2% year-on-year for di second quarter of 2025, wey beta pass di 3.1% wey dem get for di first quarter.
But di country still dey fight high inflation, wey dey affect di economy well well.
Tinubu dey hope say di reforms go help bring international investment come Nigeria. Oil production don increase as government dey tackle oil theft and pipeline vandalism. Di government also promise say di tax reform laws wey dem pass earlier dis year go help bring more money enter di country pocket.