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    CBN Slashes Rate by 50bps Amid Cooling Inflation, Stronger Naira

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    By Mathew Anthony, Market Analyst at FXTM
    In another positive development for Nigeria, the CBN has proceeded with 50-basis points rate cut.
    CBN Slashes Rate by 50bps Amid Cooling Inflation, Stronger Naira

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    With favourable fundamental forces at play, it was always a question of how much rather than if rates will be cut in February.
    Although some were expecting a hefty 100-basis point cut, this was still a positive move by the CBN, mirroring the dovish strategy of other major banks on the continent.
    Interest rates were slashed thanks to cooling inflationary pressures, a stronger Naira and rising FX reserves.
    This move is likely to boost confidence over the economic outlook ahead of the Q4 GDP report scheduled for release later this month.

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