Nigeria, Oct. 15 -- Olayemi Cardoso, the governor of the Central Bank of Nigeria, on Thursday, provided insights into the reasons behind the Monetary Policy Committee's recent interest rate cut.

Mr Cardoso, who spoke on a panel at the ongoing World Bank/IMF meetings in Bangkok, Thailand, also lauded the fiscal authorities for providing synergy in ways that ensured smooth transmission and communication of policy decisions.

In a move that surprised market watchers and analysts, the Central Bank of Nigeria (CBN) cut the benchmark interest rate to 23 per cent in September.

This decision followed two consecutive retentions of the Monetary Policy Rate (MPR) at 26.5 per cent, after holding it in May and July and reducing it by 50 basis points...