Nigeria Follows Ghana With Surprise Rate Cut, But Reason Differs.

Nigeria's central bank became the second major African regulator to unexpectedly cut its benchmark rate after Ghana's did so in January, but its reason was different. The Central Bank of Nigeria's Monetary Policy Committee cut its key rate by 50 basis points to 13.5 percent Tuesday, a move that wasn't predicted by any economists in a Bloomberg survey, all of whom forecast a hold. [Extracted from the article]