By Tony Obiechina AbujaThe Central Bank of Nigeria’s Monetary Policy Committee, MPC, on Tuesday cut the interest rate from 27.50 percent to 27 percent from 27.50 percent. CBN Governor, Olayemi Cardoso, announced this at a press conference after the two-day 302nd MPC meeting in Abuja. According to him, the members of the MPC unanimously agreed to the cut due to the country’s inflation decline for the past five months. This is the first time in three years that CBN-announced interest rate cut since May 2023, when it was slashed from 18 percent to 17.5 percent. Within the African countries, Nigeria’s interest rate and inflation are still among the highest, higher than Ghana and South Africa.