Nigeria’s central bank cuts benchmark rate to 11.5%
The government expects the economy to contract by as much as 8.9% in 2020
Lagos — Nigeria's central bank cut its benchmark lending rate on Tuesday by 100 basis points to 11.5% in a surprise move aimed at stimulating growth in Africa's largest economy.
Nigeria's economy contracted 6.1% in the second quarter and now faces a possible recession in the third quarter after the coronavirus pandemic ravaged the economy. The government expects the economy to contract by as much as 8.9% in 2020...