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Members of the private sector and economists have faulted the MPC decision, saying it would lead to fresh job losses and possibly lead to recession. Though, the CBN Governor, Olayemi Cardoso, said the move was part of the moves to tame rising inflation. Critics of the decision are saying that history had not shown that increasing interest rates would reduce ...
Press Release
February, 2024
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28 February
Effect of CBN’s interest rate increase to 22.75% on your deposits in Bank
The implication is that for every deposit in the bank, CRR takes 45 per cent of it while the Liquidity ratio takes 30 per cent. So it is only 25 per cent of the deposit that banks can lend! This has negative implications for access to credit, cost of capital for firms, cost of debt service by the government and ...
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28 February
NLC Suspends Protest, gives another 7-day ultimatum
The leadership of the Nigeria Labour Congress (NLC) on Tuesday night directed its members to suspend the second day nationwide protest, saying it has achieved great success on the first day nationwide. The NLC President, Joe Ajaero, who gave the directive shortly after an emergency National Executive Council meeting of the Congress said the street protest might be suspended but ...
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28 February
Over 20 Students Die of Meningitis in Yobe
Not fewer thsn 20 students of some boarding public schools in Potiskum, Fika, and Fune local government areas of Yobe State have died from a suspected Meningitis outbreak. It was learnt that the deaths were recorded in Government Science Technical College, Government Girls Science Technical College, and Federal Government Girls College, all in Potiskum LG. Most of the affected students ...
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28 February
Complete Shutdown Of 3rd Mainland Bridge Begins
The Federal Ministry of Works has said it will totally shut down the Third Mainland Bridge in Lagos from Wednesday to Thursday for reconstruction works. Engr (Mrs) Olukorede Kesha, Federal Controller of Works, Lagos, in a statement, said the closure would start from 12pm on Wednesday, February 28 and last to 12pm on Thursday, February 29, 2024. The statement reads ...
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28 February
Police Distribute Water, Biscuits To Protesters In Lagos
Police operatives were captured in a van handing out bottled water and snacks to the demonstrators who marched through the streets The protesters had gathered around the Ikeja area of the nation’s capital to register their grievances over the rising cost of living in the country. Police operatives were captured in a van handing out bottled water and snacks to ...
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28 February
Oshoffa reaffirms proceed sharing formula in Cele
The Pastor and Spiritual Head of the Celestial Church of Christ Worldwide, His Eminence, Reverend Emmanuel Mobiyina Oshoffa has reiterated order in which financial proceed will be shated. Superior Evangelist Kayode Ajala MPIC/Head, Media and Publicity, C.C.C. Worldwide., made this known “We refer to the pastoral order issued 25th April, 2023, reference number CCC/WHQ/EMF/PO/PD-02/04-23, which mandated every parish, through her Parochial Committee to deduct 5% of ...
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27 February
20 things to know about Oronsaye Report
After years of clamour by Nigerians, President Bola Tinubu on Monday ordered the full implementation of the Oronsaye report.By implementing the report, several agencies of the government would be merged, subsumed, scrapped, and relocated. The Minister of Information and National Orientation, Mohammed Idris, revealed this to State House correspondents after Monday’s Federal Executive Council meeting at the Aso Rock Villa, ...
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27 February
Tinubu goes tough, orders agencies’ merger, scrap, rellocate
In what has been generally hailed as bold and audacious move president Bola Ahmed Tinubu has adoptedOronsaye report, merges agencies. The Minister of Information and National Orientation, Mohammed Idris, revealed this to State House Correspondents after the Federal Executive Council meeting at the Aso Rock Villa, Abuja, Monday. In a very bold move today, this administration, under the leadership of ...
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27 February
Gains of CBN struggles to rescue Naira: sells over $300m to banks
The Central Bank of Nigeria has over $300m to Deposit Money Banks in the last two weeks amid desperate efforts to stabilise the naira-dollar exchange rate. The Association of Corporate Treasurers of Nigeria made the disclosure in an advisory memo The memo read in part, “We are sure you must have been following up on activities in the foreign exchange ...
