Nigeria’s central bank cut its benchmark lending rate to 12.5% from 13.5%, the central bank governor said on Thursday.

Central Bank Governor Godwin Emefiele said seven of the 10 members of the monetary policy committee backed the cut. It is the first cut since March 2019.

Nigeria Monetary Policy Committee cut its main policy rate by 100 basis points to 12.5 per cent and maintained other parameters constant in its third meeting of the year.