Nigeria’s central bank holds benchmark lending rate at 12.5 pct

PUBLISHED: Mon, 20 Jul 2020 16:46:59 GMT

LAGOS (Reuters) – Nigeria’s central bank held its benchmark lending rate at 12.5%, the central bank governor said on Monday.

Godwin Emefiele said eight of the 10 monetary policy committee members voted to retain the rate and two voted for a rate cut.

The bank unexpectedly cut the rate by 100 basis points, to 12.5% from 13.5%, in May. It was the largest rate cut since 2015.

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