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Breaking: CBNs Interest Rate Rises to 24.75%
In an attempt to fight growing inflation, the Central Bank of Nigeria increased the monetary policy rate, often known as the interest rate, by 200 basis points, to 24.75 percent from 22.75 percent.
This was revealed by CBN Governor Olayemi Cardoso on Tuesday during the press briefing for the 294th Meeting of the Monetary Policy Committee in Abuja.
Read also: Breaking: Two Notorious Boko Haram Leaders Surrender to Military Forces in Borno
The bank kept its 45 percent cash reserve ratio.
According to the head of the Central Bank, the action was taken to make sure that the nation’s increasing inflation rate—which was recorded at 31.70 percent in February—was restrained.
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Recall that the country’s interest rate was raised to 22.75 percent by the MPC in February.
The second MPC since Cardoso’s inauguration in September is the 294th.
He announced that May 20 and 21, 2024, will be the dates of the following MPC meeting.
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Keep Investigation Activities Confidential And Don’t Inform Customers – EFCC to Banks
The country’s bank compliance officers have received a call from the Economic and Financial Crimes Commission (EFCC) asking them to stop disclosing to their clients about the EFCC’s investigative operations.
This statement was made by the commission’s executive chairman, Ola Olukoyede, in a meeting with bank compliance officers in the capital of Oyo State, Ibadan.
Olukoyede stated that the commission is aware that certain compliance officers are providing information to customers. He made this statement through ACE I Hauwa Garba Ringim, Acting Zonal Director of the EFCC’s Ibadan Zonal Command.
He bemoaned the unhealthy backing that Nigerian banks give scammers.
The head of the commission emphasized that the commission is facing many difficulties and worries as a result of this act.
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He claims that the EFCC is aware that compliance officers inform their clients about “letters of investigation activities” that the EFCC has sent to banks.
He maintained that these kinds of actions typically compromise financial crime investigations and postpone the filing of court proceedings pertaining to corruption.
He bemoaned the unhealthy backing that Nigerian banks give to fraudsters, emphasizing that the Commission is facing significant difficulties and worries as a result.
In order to speed the investigation process and bring the case to a logical conclusion, the head of the EFCC further advised the agency to always reply to letters received from the Commission with certified true copies, including instruments of transactions of beneficiaries or sources.
Speaking further, Olukoyede insisted that illicit transactions and naira-denominated trading with Point-of-sale (POS) operators had to end.
“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine (ATMs) but POS operators evidently go around with huge amounts of money gotten from the banks.
“This is not fair to Nigerians and we must fight it head-on.”
Other News
Pharmacists Protest Against NDLEA’s Actions in Kaduna
The National Assembly and the Federal Government have been asked to immediately control in the abuses of the National Drug Law Enforcement Agency (NDLEA) in Kaduna by the Pharmaceutical Society of Nigeria (PSN), Kaduna State branch.
Speaking to reporters in Kaduna on Friday, Pharm. Sunday Ali Okoh, the Chairman of PSN Kaduna State branch, bemoaned the abuses of the NDLEA and urged the National Assembly and the presidency to step in.
In Okoh’s opinion, the Agency occasionally impeded and hindered their roles in an unnecessarily illegal and unprofessional manner.
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He clarified that while the group understood the agency’s responsibilities to apprehend and prosecute drug dealers, they did not intend to obstruct pharmacists from performing their legally mandated duties.
In his words, “All over the planet earth, the rights to medications (life) are fundamental.”
It is worthy of note that pharmacists are licensed to import, export, mix, compound, prepare, dispense, counsel, sell, procure and distribute drugs, (PCN Act 2022,).”
“Time without number, the NDLEA has unduly, illegally and unprofessionally obstructed and hindered these life saving roles only to feather their nests, exploit Nigerians, collect bribes and force their victims to give assent that bail is free after collecting millions of Naira,” he claimed. He claimed that agents of the law have turned into lawbreakers.
He explained, “Pharmacists are legal entities and many patients’ medication are stored with them; sealing up pharmacists is as good as denying the citizens their right to life.”
Other News
Royal Couple Prince Harry and Meghan Markle Lands In Nigeria
On Friday morning, Prince Harry and Meghan Markle landed in Nigeria to begin their 72-hour visit.
The couple took a British Airways aircraft and arrived at Nnamdi Azikiwe International Airport.
The Daily Mail claims that the flight, which arrived at around five in the morning, was delayed due to a sick pilot.
Read also: Stop Creating More Taxes And Provide Solution to End Hunger – Primate Ayodele To Tinubu
Yesterday, the Duchess of Sussex took a plane to Heathrow to meet her husband at the airport’s private Windsor Suite.
Harry and Meghan are traveling to Nigeria together for the first time.
Other passengers were pulled over as they were led into a waiting van that had been completely darkened.
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