Central Bank of Nigeria Increases The Interest Rate To 24.75% | 5 Things That Should Matter Today

  • CBN discovers $2.4 billion foreign exchange scam
  • Eko DisCo annuls the appointment of its CEO, Tinuade Sanda
  • CBN increases the interest rate to 24.75%
  • An organisation requests that the National Assembly confer the status of “governor” on Nyesom Wike, FCT Minister
  • Obasanjo reveals reason behind rising insecurity in Nigeria

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

CBN discovers $2.4 billion foreign exchange scam

The Central Bank of Nigeria (CBN) has recently been undergoing some restructuring as a few staff were said to lose their jobs in the coming days, and now, under the rule of its new governor, Yemi Cardoso, the apex bank has uncovered a $2.4 billion forex scam.

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, revealed that the law enforcement agencies had been investigating foreign exchange valued above $2.4 billion when they noticed some irregularities concerning transactions and payments.

Confused about the issue, he called on the consulting firm Deloitte, who executed a forensic analysis to prove the invalid transactions.

Eko DisCo annuls the appointment of its CEO, Tinuade Sanda

The Eko Electricity Distribution Company (EKEDC) has annulled the role of its Managing Director and CEO, Mrs Tinuade Sanda.

According to the statement released by EKEDC, this termination of appointment follows her redeployment to WPG Limited, the initial investor who approved of her joining DisCo.

Replacing Tinuade Sanda as acting CEO is Rekhiat Momoh, who has spent over three decades in the power sector, with an excellent portfolio to rival almost anyone in the industry.

CBN increases the interest rate to 24.75%

CBN

The Central Bank of Nigeria (CBN) has again increased its interest rate for the second time this year.

According to Governor Yemi Cardoso, who revealed this news at the committee’s 294th meeting in Abuja, the CBN has raised the monetary policy rate (MPR) from 22.75% to 24.75%.

He stated that the cash reserve ratio (CRR) remained at 45%, and the liquidity rate was retained at 30%; there was a 200 basis point added to the interest rate.

An organisation requests that the National Assembly confer the status of “governor” on Nyesom Wike, FCT Minister

Cabul Network, a development organisation, has demanded that the National Assembly elevate the status of Nyesom Wike, the FCT Minister, into that of a governor so that he may have benefits such as voting rights for fighting security in the state under his watch.

The FCT Minister had once appealed to the House of Representatives Committee to be pronounced as the governor of FCT as he wanted to be allowed the authority to spend cash under the “security vote”.

John Harry, Cabul Network’s spokesman, agreed with Wike’s demand, saying the Minister should also be awarded the same right to spend security funds as a state governor.

Obasanjo reveals reason behind rising insecurity in Nigeria

The ex-president of Nigeria, Olusegun Obasanjo, aired his opinion concerning the rising banditry and kidnapping in the country, stating that the cause of these criminal acts could be linked to the level of high unemployment in Nigeria.

He stressed that something be done to provide employment opportunities in the countries to reduce the number of frequent cases of kidnapping and banditry.

“If we can give them employment, there will be less of them getting involved in banditry, in kidnapping and in doing various other criminal activities that they get involved in,” he said. 

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