CBN Increases Interest Rate To 22.75% Across All Nigerian Banks | 5 Things That Should Matter Today

CBN
  • NLC suspends strike, offers 14-day ultimatum to government
  • CBN resumes the sale of dollars to BDC operators
  • Federal government announces 24-hour shutdown of Third Mainland Bridge today
  • Tinubu reveals the reason behind fuel subsidy removal
  • CBN increases interest rate to 22.75% across all Nigerian banks

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

NLC suspends strike, offers 14-day ultimatum to government

The Nigerian Labour Congress (NLC) announced the suspension of its strike after one day of protest, claiming that it had achieved its objectives.

The NLC has, therefore, taken a step back from protesting as they give the federal government a two-week ultimatum to fix the economy and provide a solution to the inflation prices around food in the country.

In a meeting with the National Executive Council, the NLC stated that the reason for its 2-day protest was not for anything else beyond the state of the economy, the inflation, the unstable foreign exchange rate and the high cost of living.

CBN resumes the sale of dollars to BDC operators

CBN

The Central Bank of Nigeria (CBN) has announced its decision to continue the sale of US dollars to Bureau De Change operators.

CBN stated that $20,000 will be allocated and available for each interested and qualified BDC operator in Nigeria at the rate of ₦1,301/$.

However, Dr Hassan Mahmud, CBN’s Director of Trade & Exchange Department, claimed that BDC operators are not permitted to sell the dollars to people at a margin beyond 1% above the purchase rate from the CBN.

Federal government announces 24-hour shutdown of Third Mainland Bridge today

Third Mainland Bridge

The federal government, through the Ministry of Works, announced that there would be no vehicular movement on the Third Mainland Bridge for 24 hours.

The Federal Controller of Works in Lagos, Mrs Olukorede Kesha, revealed that the reason for the total shutdown of the bridge was due to the ongoing repairs on the longest bridge in Nigeria.

Therefore, motorists are advised to take other routes to their destinations for the whole day of February 28, 2024.

Tinubu reveals the reason behind fuel subsidy removal

Tinubu

President Bola Ahmed Tinubu shared his reason behind the fuel subsidy removal in the country upon his entry into power as the president of Nigeria.

He claimed that the removal of the field subsidy was a challenge to do so as the administration needed to move on with another goal, such as achieving long-term energy security and enhancing the economic growth of the country.

The president opened up at the 2024 Nigeria International Energy Summit (NIES) in Abuja, not without admitting that his decision has unfortunately negatively affected Nigerians, especially those with low-income wages.

He, however, promised that there was a silver lining to his plans and Nigeria would rise again when he was done enacting his rules and they began to yield benefits for the people.

CBN increases interest rate to 22.75% across all Nigerian banks

Amid the rising inflation in the country, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) announced an increase in the interest rate from 18% to 22.75%—a 400 basis points increase—along with the Cash Reserve going from 35% to 40%.

According to the CBN’s governor, Yemi Cardoso, this new policy was a reflection of the government’s effort to reduce the economic crisis being faced in the country presently.

The result of this action means that borrowers and customers pursuing loans from commercial banks and other lending firms and agencies will be required to pay more to secure their loans.

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