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Central Bank of Nigeria Raises Benchmark Interest Rate to 26.75% in Response to Surging Inflation

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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.


 

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Nigerian Student Wins 2026 Spelling Bee World Championship

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It has been reported that a Nigerian won the 2026 Spelling Bee World Championship, which was held in Shanghai, China. The winner, Chinedu Great Okdediachi, has now returned home to Delta State after his victory.

It can be noted that the student had already emerged as one of the Gold Award winners in the Middle School Group category.

“Congratulations once again, Chinedu! Your success continues to inspire young Nigerians to pursue excellence through education. Welcome home, Champion!”

The young star has made Nigeria proud by winning the international competition.


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‘My Reforms Have Stabilised Nigeria’s Economy’ — President Tinubu

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President Bola Ahmed Tinubu has stated that his administration’s economic reforms have helped stabilise Nigeria’s economy and placed the country on a path toward steady growth.

He said “My reforms have stabilised Nigeria’s economy and put it on a path of steady growth.”

The President added that the reforms are creating more opportunities for development across the country.

However, many Nigerians reacted online, with some questioning the impact of the reforms and saying they have yet to experience the positive effects.


 

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Nyesom Wike Says He Knows Civil Servants Don’t Like Him

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Nigerian politician and FCT Minister, Nyesom Wike, has said that he is aware many civil servants do not like him.

He shared that he understands why he is unpopular among some civil servants, explaining that funds previously spent on unnecessary conferences are now being redirected to road construction projects.

He said “Some people say conferences for corruption and I say what is that? You are going for conferences to do what? These are ways government funds are being diverted. I say put this money in this road here and the people will get the impact.”


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