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Members of the Organised Private Sector and economists have expressed fear over the latest hike in the nation’s benchmark interest by the Monetary Policy Committee, saying the decision could significantly hamper economic operators’ ability to repay their loans.
At the end of its 295th meeting on Tuesday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, who also doubles as the chairman of the MPC, announced the decision of the committee.
The MPC raised the interest rate by 150 basis points to 26.25 percent from 24.74 percent.
Recall that, Tuesday’s MPR hike has become the third consecutive rise in the benchmark interest rate this year.
Spain, Norway and Ireland have announced plans to formally recognize a Palestinian State. According to the report, Irish Foreign Minister Micheál Martin said the recognition will come into force in all three countries on May 28th, 2024. This was announced on Wednesday by the Irish Prime Minister Simon Harris in a news conference in Dublin. Report said the move is likely to boost the global Palestinian cause but will certainly […]
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