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CBN raises Interest Rate to 24.75%

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NAIJA NEWS: CBN raises Interest Rate to 24.75% [New Naija News] » Naijacrawl
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The Central Bank of Nigeria has increased the interest rate to 24.



75% from 22.75% in a bid to address the growing inflation. This decision was announced by the CBN Governor, Olayemi Cardoso, during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja on Tuesday.

Additionally, the bank has maintained the Cash Reserve Ratio at 45%.

The reason behind this move is to control the country's high inflation rate, which was recorded at 31.70% in February.

It's important to note that this is the second MPC meeting since Olayemi Cardoso took office as the CBN Governor in September.

The next MPC meeting is scheduled for May 20th and 21st, 2024.

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Nigeria tops countries with highest unemployment rate [see list]

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NAIJA NEWS: Nigeria tops countries with highest unemployment rate [see list] [New Naija News] » Naijacrawl
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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...
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Get data at a cheaper rate on MTN, AIRTEL, GLO and 9MOBILE

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NEWS: Get data at a cheaper rate on MTN, AIRTEL, GLO and 9MOBILE [New Naija News] » Naijacrawl
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Federal Government Raises Alarm Over Renewed Petrol Smuggling

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NAIJA NEWS: Federal Government Raises Alarm Over Renewed Petrol Smuggling [New Naija News] » Naijacrawl
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Yesterday during a press conference held in Yola, the Federal Government sounded the alarm over the increasing incidents of Premium Motor Spirit (PMS), commonly known as petrol, being smuggled out of Nigeria. This surge in smuggling activities is attributed to the significant hike in petrol prices in neighbouring countries.Currently, the average price of petrol in Nigeria stands at approximately N701 per litre. In stark contrast, the average price in neighbouring co...
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