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Central Bank of Nigeria Raises Benchmark Interest Rate to 26.75% in Response to Surging Inflation
The Central Bank of Nigeria (CBN) has increased its benchmark interest rate to 26.75% amid rising inflation concerns.
The decision, announced on July 24, 2024, represents a substantial hike from the previous rate of 25.5%.
CBN Governor Godwin Emefiele stated that the move is intended to curb inflationary pressures and stabilize the economy.
This adjustment is expected to impact borrowing costs and consumer spending, with analysts predicting broad economic effects as a result.
Nigerian news analyst, Mahmud Jega, has shared his opinion on the recent airstrike carried out by the United States in Nigeria, stating that Nigerians should not blame President Bola Tinubu for the incident.
Jega made this statement during a recent interview, where he said he does not believe many people will hold the Tinubu administration responsible, as Donald Trump had issued threats against Nigeria long before Tinubu’s administration.
“No, I don’t think many people will blame the Tinubu administration for what is happening now because President Donald Trump, when he first made the threats, it was clearly not in coordination with the Tinubu administration or the government of Nigeria,” Jega said.
It has been reported that the United States carried out an airstrike targeting ISIS in the northwest region of Nigeria. The order was reportedly given by former U.S. President Donald Trump.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist elements in northwest Nigeria,” Trump said.
He added, “I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”
The Federal Government of Nigeria has officially declared the holiday dates for the festive season.
Thursday, December 25 will be observed as Christmas Day, December 26 as Boxing Day, and Thursday, January 1 as New Year’s Day.
The declaration was made by the Permanent Secretary of the Ministry of Interior, Dr. Magdalene Ajani. He also added that Nigerians should celebrate the holidays in faith and pray for the nation.
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