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Central Bank Of Nigeria Increases Monetary Policy Rate To 27.50%

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2 weeks ago

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The Central Bank of Nigeria has increased monetary policy rate to 27.50% from the earlier 27.25% in which it was pegged.

This would mean that borrowing becomes costlier; the CBN also aims to use monetary policy rates to control inflation.

It is also aimed at ensuring that the naira becomes stronger.

According to a post on the official X account of the CBN, the bank voted to increase monetary policy rate by 250 points.

“The Monetary Policy Committee (MPC) Voted unanimously to raise Monetary Policy Rate (MPR) by 250 basis point from 27.25% to 27.50%” the statement read.

 

The CBN also voted to “retain Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.”

“The Committee also retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.” the apex bank posted.

The increase in monetary policy rates have failed to reduce the inflation in the country with general inflation and food inflation experiencing increase.

It is unclear if the CBN monetary policy rate does not affect government borrowings as state governments have continued to borrow increasingly from domestic sources.

The CBN have continued to insist that increasing monetary policy rates were vital to economic stability and recovery in the country.

 

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Lagos Takes a Giant Leap Towards a Cleaner, Greener Future with Proper Waste Disposal Bins

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23 hours ago

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December 11, 2024

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Join the Movement to Build a Culture of Proper Waste Segregation and Disposal in Lagos. 

 

As part of its efforts to promote a cleaner, greener, and healthier environment, The Architects Place Ltd In conjunction with the Ministry of Environment and Water Resources has launched an initiative to provide proper waste disposal bins across the state.

 

The initiative, which is aimed at building a culture of proper waste segregation and disposal, is designed to encourage residents, businesses, and institutions to properly dispose their waste and recyclables.

The proper waste disposal bins, which are designed to accommodate different types of waste, including recyclables, organics, and non-recyclable waste, will be strategically located in public spaces, markets, and other high-traffic areas.

 

This will help to reduce the amount of waste that ends up in landfills and waterways, improving environmental health and reducing the risk of disease. By providing separate bins for recyclables, the initiative will encourage residents and businesses to recycle more, reducing waste and conserving natural resources.

 

We urge all residents, businesses, and institutions in Lagos to join us in this effort to build a culture of proper waste segregation and disposal. Together, we can make a difference and create a cleaner, greener, and healthier environment for all.

 

For more information on the proper waste disposal bin initiative, please contact:

 

Ministry of Environment & Water Resources, Alausa Lagos State.

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News and Report

National Grid Collapses 12th Time In 2024

Published

23 hours ago

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December 11, 2024

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Nigerians were left in darkness on Wednesday following yet another collapse of the national power grid.

 

Since January 2024, the grid has collapsed 11 times.

 

 

In just one week in October, the grid failed three times, causing widespread blackouts and prompting reactions from Nigerians

 

 

A tweet from Nigeria’s National Grid official handle confirmed the collapse at approximately 2:09 pm on Wednesday.

 

“The major grid setback has occurred and the restoration is to commence,” the tweet stated.

 

 

 

 

More to come…

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News and Report

Just In: Abuja High Court Denies Yahaya Bello’s Bail Request…..

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2 days ago

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December 10, 2024

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A High Court of the Federal Capital Territory (FCT) in Maitama has rejected the bail request by former Kogi State Governor, Yahaya Bello.

 

Bello is standing trial, along with two others, on an alleged N110bn money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).

 

Justice Maryanne Anenih, in a ruling on Tuesday, faulted the competence of Bello’s bail application, stating that it was filed prematurely.

 

Justice Anenih held that, since the application was made when Bello was neither in custody nor before the court, it was deemed incompetent.

 

She said: “Consequently, the instant application, having been filed prematurely, is hereby refused.”

 

 

 

More to come…

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