Few hours after Central Bank Governor (CBN) Godwin Emefiele said the apex bank would start cutting interest rates, Nigeria’s naira fell 0.25 percent to 163.14 to the dollar on Thursday.
It would be recalled that Emefiele said on Thursday he would pursue a gradual reduction in interest rates, an apparent reversal of his predecessor’s hawkish monetary policy that was credited with bringing inflation down to single digits.
He said said policy would be aimed at seeking a reduction in overall lending rates to make it cheaper busto invest.
“There is no doubt that reducing interest rates and maintaining exchange rates are very daunting twin goals,” Emifiele said.