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CBN cuts interest rate to 23%

The Central Bank of Nigeria (CBN), yesterday, cut the Monetary Policy Rate (MPT) from 26.5 percent to 23 percent The Governor of the bank, Mr. Olayemi Cardoso, who announced the new rate at the end of the 307th Monetary Policy Committee (MPC) meeting, in Abuja, described the decision as resetting it to meet the current financial market realities.