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The Central Bank of Nigeria, CBN has stated that lifting of petroleum products from the Dangote Refinery will help reduce transportation costs and significantly support the easing of food prices in the short to medium term.
CBN Governor, Olayemi Cardoso, who stated this yesterday during a press briefing at the end of the 297th meeting of the Monetary Policy Committee, MPC in Abuja, also remarked that it will help to moderate foreign exchange demands for importation of refined petroleum products with a positive spillover on external reserve and improvement in the overall balance of payment position.
Cardoso also disclosed the committee’s decision to further raise the Monetary Policy Rate, MPR which measures interest rates by 50 basis points from 26.75 to 27.25 percent to moderate inflation rate which stands at 32.15 percent, thereby making it the fifth hike since February 2024
Additionally, the CBN’s Monetary Policy Committee, MPC, said the Cash Reserve Ratio, CRR, was raised from 45 percent to 50 percent for Deposit Money Banks, DMBs and from 14 percent to 16 percent for Merchant Banks
President Bola Tinubu has declined to sign a bill seeking to extend the tenure of service of legislative staff at the National Assembly and States Houses of Assembly from 35 to 40 years and their retirement age from 60 to 65 years. This was revealed in a letter read yesterday on the floor of the Senate by Senate President, Godswill Akpabio, stating that president's decision to withhold assent to the […]
