Nigerian bond yields drop after CBN rate cut -traders

Nigerian bond yields fell marginally, a day after the central bank unexpectedly announced am interest rate cut aimed at stimulating growth in Africa’s biggest economy, traders said.

Nigeria’s central bank cut benchmark interest rate by 50 basis point to 13.5 per cent on Tuesday, its first reduction in the cost of borrowing in four years.

The rate has been held at 14 percent since July 2016 to support the naira and curb inflation.

-Reuters