RTTNews - The Nigerian central bank on late Tuesday reduced its key policy rate by 2 percentage points to 6% per annum.

At the same time, the central bank restored the corridor of the interest rate with lending at 8% deposits at 4%.

The consumer price inflation in Nigeria continued to decline in May. The headline annual inflation rate dropped to 13.2% from 13.3% in April. The food price inflation stood at 15.7%, up from 15.3% in April.

The central bank said the headline inflation is expected to slow in the coming months due to sluggish demand.

The gross domestic product or GDP increased 4.85% in the first quarter. The central bank expects GDP to grow 5.13% in the second quarter and 5.75% for the whole year.

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