IMF ENDORSES CBN RATE CUT , WARNS AGAINST PREMATURE EASING

What happened: The IMF endorsed the Central Bank of Nigeria's September decision to cut its benchmark rate to 23 per cent, saying progress on inflation justified the move while monetary policy stays tight. Key numbers: CBN cut the Monetary Policy Rate by 350 basis points to 23 per cent from 26.5 per cent. Why it matters: IMF African Department Director Zeine Ould Zeidane said the adjustment is not a shift to accommodative policy and the stance remains restrictive. The IMF warned further tightening may still be needed in many African economies.

IMF endorsement of CBN rate cut with warning against premature easing signals policy tension.

IMF endorsement of CBN rate cut with warning against premature easing signals policy tension. — impact context not separately stored; see What changed.