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Peter Obi Criticizes CBN’s Decision To Increase Interest Rate

Published

3 years ago

February 29, 2024

Peter Obi Criticizes CBN’s Decision To Increase Interest Rate....KINDLY READ THE FULL STORY HERE▶

Peter Obi, the Labour Party’s presidential candidate in the previous general election, has denounced the recent move by the Monetary Policy Committee (MPC) to raise the Monetary Policy Rate (MPR) to 22.5% and the Cash Reserve Ratio (CRR) to 45%. He warned that such measures would worsen economic conditions and lead to increased job losses, particularly in sectors reliant on bank loans and credit facilities………CONTINUE READING

The Central Bank of Nigeria (CBN) announced the decision to raise the MPR by four hundred basis points to 22.75% from 18.75% after the first Monetary Policy Committee meeting for the year.

In a statement shared on Thursday via his social media handle, Obi argued that tightening liquidity in the financial system does not enhance productivity, especially in food production, which he identified as a significant contributor to inflation in Nigeria. He expressed concern that the measure would not effectively manage the money supply, as a significant portion of the money in circulation remains outside the banking system.

Obi highlighted the potential adverse effects of the rate hike on the economy, particularly on the real sector, manufacturing, and small and medium-sized enterprises (SMEs). He cautioned that the increased interest rates on loans, expected to exceed 30%, would strain the ability of businesses to repay, leading to a rise in bad loans and further deteriorating the nation’s economic situation.

Instead of focusing solely on monetary policy measures, Obi urged the government to address insecurity, which he identified as a crucial factor influencing food and crude oil production. He emphasized that improving security would boost overall production, making products more affordable and attracting foreign direct investments (FDIs) and foreign portfolio investments (FPIs) back to the country.

In conclusion, Obi emphasized the need for practical solutions to the economic challenges facing Nigeria, cautioning against relying solely on classical economic theories. He called for a holistic approach that addresses both monetary and security concerns to effectively revive the economy and restore investor confidence.

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Nigeria Makes Fresh Declaration On Nuclear Weapons, Sends Message To UN.

Published

3 minutes ago

September 1, 2026

NivoNews

Nigeria’s Permanent Representative to the United Nations, Jimoh Ibrahim, has restated the nation’s dedication to international initiatives aimed at banning nuclear-weapon testing, clarifying during the 108th Plenary Meeting of the 80th Session of the UN General Assembly in New York that Nigeria neither owns nor has ever developed nuclear weapons.....KINDLY READ THE FULL STORY HERE▶

During his address, the UN Committee on Budget and Administration Chairman called for a re-examination of Article 2(7) of the UN Charter, asserting that state non-intervention principles should not shield nations harboring weapons of mass destruction or conducting nuclear tests from global intervention. He highlighted that bodies like the Nigeria Atomic Energy Commission manage the nation’s domestic nuclear frameworks, while global partnerships with countries such as the United States, Russia, China, France, and South Korea bolster its international cooperation. Concluding his remarks, Ibrahim noted that President Bola Tinubu explicitly instructed him to emphasize Nigeria’s preparedness to expand global collaborations dedicated to wiping out nuclear testing.

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2027: Why Opposition May Lose To Tinubu Despite His Weakness – Donald Duke

Published

6 minutes ago

September 1, 2026

NivoNews

Former Cross River State Governor Donald Duke has asserted that President Bola Tinubu has lost the widespread popularity and public sympathy that propelled him to victory in the 2023 elections. Speaking on Channels Television’s Politics Today, the Peoples Redemption Party (PRP) stalwart noted that crushing economic hardships and policy outcomes have left citizens disillusioned and struggling for survival, turning previous optimism into despair.....KINDLY READ THE FULL STORY HERE▶

While evaluating Tinubu’s political standing ahead of 2027, Duke acknowledged that the incumbent is a formidable political strategist, but sharply criticized his administrative capabilities, stating that three years in office have exposed profound weaknesses in governance. He warned that allowing a second term would institutionalize poverty and steer the country further off course.

Despite the administration’s declining approval, Duke cautioned that the opposition risks handing Tinubu another victory if they remain fractured. Emphasizing the need for strategic foresight rather than post-election grievances, he urged opposition forces to unite and coordinate effectively. Duke also confirmed his readiness to step down for a consensus opposition candidate best suited to challenge the ruling party in 2027.

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Dollar To Naira Exchange Rate Today, September 1st, 2026

Published

9 minutes ago

September 1, 2026

NivoNews

Curious about the current USD to NGN exchange rate in the parallel (black) market? Below are the verified figures from the Bureau De Change (BDC) sources.....KINDLY READ THE FULL STORY HERE▶

Black Market (Aboki FX) Rates

Parallel market traders in Lagos currently buy a dollar at ₦1390 and sell at ₦1405.

Selling Rate: ₦1405
Buying Rate: ₦1390

Central Bank of Nigeria (CBN) Official Rates

For official transactions through commercial banks, the CBN recorded the following rates:

Highest Rate: ₦1343
Lowest Rate: ₦1320

Note: The Central Bank of Nigeria does not officially recognize the parallel market and advises individuals engaging in forex transactions to route them through their banks. Additionally, actual rates at local exchange points may vary depending on your location and liquidity.