CBN Sets Interest Rates As Economy Reels From Oil Price Drop

The Central Bank of Nigeria will decide on Tuesday whether to raise interest rates from its current benchmark 13%; in 2010 the rate was 6%.

With the exception of Venezuela and possibly Russia, no economy has been directly hit as hard by the oil price drop as Nigeria.

Now that President Muhammadu Buhari’s cabinet has been installed  after a long wait  as it concerns investors, his administration will need to engage in a deep dive reform effort to ensure investments remain strong in Africa’s largest economy.