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Nigeria Cuts Interest Rates for First Time in Five Years Amid Falling Inflation
Nigeria central bank on Tuesday lowered its key interest rate for the first time in five years, signaling confidence in the country’s economic recovery and the stability of its currency.....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) reduced the benchmark lending rate by half a percentage point to 27 percent. The decision, made by the 12-member Monetary Policy Committee, comes as inflation continues to ease and the naira remains stable.
CBN Governor Olayemi Cardoso said at a press briefing in Abuja that the move was guided by falling prices and the need to support a still-struggling economy. “Disinflation is taking hold, and our policies are beginning to show positive results,” Cardoso said.
Nigeria’s headline inflation slowed to 20.1 percent in August, down from 21.9 percent in July. This marks five straight months of declining prices. Economists see the trend as a sign that the country could continue easing monetary policy in the coming months.
Razia Khan, head of research for Africa and the Middle East at Standard Chartered, noted that the CBN’s action indicates confidence in Nigeria’s currency stability and higher foreign reserves. “Much more importantly, the central bank expects sustained disinflation in the months ahead, hinting at more easing to come,” she said.
The latest drop in inflation is significant compared to the same period last year, when prices rose 32.15 percent. In January, Nigeria’s statistics agency updated its consumer price index, changing the base year and adjusting weights to better reflect current spending patterns and the impact of new industries and technology.
In addition to lowering the lending rate, the central bank also cut the cash reserve ratio—the percentage of commercial bank deposits that must be held with the central bank—from 50 percent to 45 percent. This is expected to make more funds available for lending to businesses.
The naira, Nigeria’s local currency, has remained relatively stable for more than a year after hitting record lows last year. President Bola Tinubu had earlier devalued the currency twice as part of wide-ranging economic reforms, which included the removal of fuel subsidies. The naira has gained 2.5 percent against the dollar this month.
Foreign reserves have also improved steadily, with liquid reserves reported at $41.4 billion last week. The country has attracted significant inflows from foreign investors, drawn by high yields in the local bond market.
Business leaders have welcomed the rate cut, as high borrowing costs have long been a challenge in Africa’s most populous country. Lower interest rates could ease the cost of financing for companies and encourage investment.
This decision is the first reduction in the benchmark rate since the Covid-19 pandemic. The previous rate-setting period was led by former governor Godwin Emefiele, who is currently facing trial on allegations of financial misconduct. Emefiele has denied all charges.
Analysts say the CBN’s move is a key step in supporting economic growth while keeping inflation under control. With further rate decisions expected in November, many are watching closely to see if Nigeria will continue to ease borrowing costs in the coming months.
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The Untold Truth: Fr. Mbaka Exposes The Secret Struggles Behind His Bold Endorsement Of Peter Obi!.
Rev. Fr. Ejike Mbaka, the Spiritual Director of the Adoration Ministry in Enugu, recently responded to critics by highlighting the significant risks he undertook to support Peter Obi during his impeachment as Governor of Anambra State. Speaking during a church program on Friday, Fr. Mbaka challenged the narrative that he has been a hindrance to the NDC presidential candidate.....KINDLY READ THE FULL STORY HERE▶
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Defending his history of support: Fr. Mbaka asserted that he played a critical, behind-the-scenes role in gathering the necessary documentation and organizing the efforts required to restore Obi to office after his impeachment.
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Criticizing fair-weather supporters: The cleric claimed that 99.9% of those now vocal in their support for the former governor had actually abandoned him during his impeachment ordeal.
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Challenging his critics: Fr. Mbaka insisted that the efforts he made for Obi during that period were far greater than what his current supporters could replicate, and he encouraged people to verify these events with individuals like Chris Uba and Ibeto, who were present at the time.
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Reaffirming his stance: He concluded by dismissing the criticism as uninformed, declaring that he has always been a solution rather than a problem and that he maintains a deep love for his people.
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“We Will Rig You!”: Peter Obi Issues Explosive Warning To INEC Over Alleged Election Manipulation!.
During a recent visit to Washington, D.C., Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), argued that the prevalence of election rigging in Nigeria is largely due to voters failing to actively defend their ballots. Obi emphasized that while candidates play a role in the process, credible outcomes ultimately depend on citizens remaining at their polling units to ensure votes are counted transparently. He criticized the “transactional” nature of Nigerian politics, suggesting that many voters prioritize other activities over the essential task of monitoring the electoral process. According to Obi, Nigeria’s primary challenge is poor political leadership, and he urged citizens to take collective ownership of their votes to demand the accountable governance required for the country to succeed.....KINDLY READ THE FULL STORY HERE▶
Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has called for increased citizen involvement in protecting electoral integrity. During a recent trip to Washington, D.C., Obi stated that election manipulation persists because voters frequently leave polling stations before the counting process is completed. He argued that:
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Voters must proactively defend their ballots at polling units to ensure transparency and prevent rigging.
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Nigeria’s fundamental obstacle is a crisis of political leadership, rather than a lack of natural or human resources.
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Real change requires Nigerians to move beyond passive participation and take active responsibility for the electoral process.
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“This Is The Only Way!”: Matawalle Drops Bombshell, Unveils The Ultimate Solution To Nigeria’s Security Crisis!.
Bello Matawalle, the Minister of State for Defence, recently stated that ending Nigeria’s insecurity requires a combination of collective national effort and divine intervention. In an interview with BBC Hausa, he emphasized that insecurity is a broad national concern that transcends political, religious, and regional lines, necessitating unified support from citizens, community leaders, and security agencies.....KINDLY READ THE FULL STORY HERE▶
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Call for Unity: The Minister urged Nigerians to prioritize national interest over partisan politics, noting that insecurity is not a tool for scoring political points.
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Criticism of Opposition: Matawalle accused certain opposition figures of exploiting the security situation to incite the public against the government and advance their own political agendas, rather than helping to address the crisis.
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Combating Misinformation: He raised alarm over the circulation of “fake and recycled” videos on social media—some dating back years or originating from other countries—which are falsely presented as current events to suggest worsening security under the Tinubu administration. He encouraged citizens to verify information before sharing it.
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Government Commitment: Highlighting that the Federal Government has ordered security forces to deal decisively with criminal elements, Matawalle acknowledged that while progress is being made, complex security challenges cannot be resolved overnight.
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Public Cooperation: He called for continued public patience, prayer, and the provision of actionable intelligence to security forces to help restore peace across the country.
The Minister’s comments come amid renewed public anxiety following reports of mass abductions at schools in Oyo and Borno states.
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