Nigeria Bucks Global Trend and Holds Rates Despite Coronavirus

Central bank keeps monetary policy rate unchanged at 13.5%
Drop in oil prices to weigh on Nigerian economy and exports

A member of the Nigerian army performs a temperature check on a visitor at the entrance of the Nigerian Army Hospital in the Yaba area of Lagos, Nigeria.Photographer: George Osodi/Bloomberg

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By Alonso Soto

March 24, 2020 at 1:49 PM UTC

Updated on

March 24, 2020 at 3:15 PM UTC

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Nigeria’s central bank held its benchmark interest rate, going against the global trend of slashing borrowing costs to ease the economic pain of the coronavirus pandemic.