Nigeria’s central bank cut its monetary policy rate by 50 basis points to 26.50%, its governor Olayemi Cardoso said this Tuesday.

“The committee’s decision was premised on a balanced evaluation of risks to the outlook, which suggest that the ongoing disinflation trajectory would continue,” Cardoso told a press conference.

He said the lagged transmission of previous monetary tightening, sustained exchange rate stability and enhanced food supply were helping bring down inflation.

Inflation slowed to 15.10% year on year in January, down from 15.15% in December.

At the central bank’s last rate-setting meeting in November it maintained its policy rate.

–Reuters–