CBN increases interest rate to 17.5%
The Monetary Policy Committee of the Central Bank of Nigeria, CBN, has unanimously voted to increase the benchmark interest rate by 100 basis points to 17. 5 percent.
The CBN Governor, Godwin Emefiele, disclosed this while reading the communiqué at the end of the two-day MPC meeting, the first of the year.
The development means this is the fifth time the CBN will increase the interest rate despite calls by stakeholders against the increment.
The CBN said previous increases were beginning to yield results with the slight drop in the inflation rate recorded in December 2022.
However, the CBN stressed that there was a need to keep tightening its fiscal policy.
Meanwhile, the CBN retained other variables, including the asymmetric corridor at +100/-700 basis points around the MPR.
The CBN also retained the CRR at 32.5 per cent while the liquidity ratio was kept at 30 per cent
Earlier, the apex bank had increased the MPR from 11.5 percent earlier last year to 16.5 percent across four consecutive rate hikes in 2022.
Enugu state increases corpers allowance to 30,000 and 20,000 for doctors and others respectively.
Enugu state government has announced the increase in allowance for the national youth service corps members serving in the state health care centres in the rural areas of the state. The state commissioner for information Mr Ogbuagu Anikwe announced this in enugu on wednesday while briefing the newsmen. He said that doctors serving in the primary health centres in the rural areas of the state will henceforth recieve 30,000 naira as monthly allowance contrary to the...
Nigeria tops countries with highest unemployment rate [see list]
Countries with the highest unemployment have been ranked.The World of Statistics in its latest release on Sunday via its verified Twitter handle ranked Nigeria high, indicating the country has the highest level of unemployment in the world at 33.3%.Following in that order of countries with the highest number of unemployment are South Africa 32.9%, followed by Spain at 13.26%, Greece at 11.2%, Colombia is 10.7% and Turkey, 10% making up the top Six.Here’s the full li...
Get data at a cheaper rate on MTN, AIRTEL, GLO and 9MOBILE
MTN (1 month Validity) ✅1GB - ₦450 ✅2GB - ₦800 ✅3GB - ₦1100 ✅5GB - ₦1800 ✅6GB - ₦2100 ✅5GB - ₦1800 ✅10GB - ₦2900 ✅15GB - ₦4100 ✅40GB - ₦8100Dial *461*4# To Check Data Bal.AIRTEL ✅750MB (14 days) - ₦475 ✅1.5GB (30 days) - ₦950 ✅3GB (30 days) - ₦1425 ✅4.5GB (30 days) - ₦1900 ✅6GB (30 days) - ₦2400 ✅8GB (30 days) - ₦2900 ✅11GB (30 days) - ₦3900 ✅15GB (30 days) - ₦4800...
Download Naijacrawl App today
Fastest way to read on the go
Download the Naijacrawl App.