Nigeria has room to lower interest rates

Nigeria has room to lower interest rates but still keep inflation in single-digits, Coordinating minister of and finance minister Dr. Ngozi Okonjo-Iweala said on Monday, despite the central bank saying last week that the recent trend of monetary tightening may not be over. “Of course interest rates were jacked up recently by 275 basis points. That helped steadying the currency, but I think there’s a room now for us to start aiming for it to come down,” she said. Speaking at a conference in Lagos, she said Nigeria should still aim to keep inflation within the central bank’s single-digit target.