The Central Bank of Nigeria reduced the monetary policy rate by 100 basis points to 12.5% on May 28, in a bid to prevent the African economy from entering recession.

The monetary policy committee stressed the impact that weakening global macroeconomic conditions, caused by Covid-19 and lower oil prices, were having in Nigeria, a major oil exporter. According to official data, real GDP grew by 1.9% in the first quarter of 2020 compared with 2.6% in the final quarter of 2019, and 2.1% in last

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