NIGERIAN ARMY DID NOT CONFISCATE PROPERTY OF ENUGU RESIDENT, IT RIGHTFULLY BELONGS TO THE NA. (PHOTO). #PRESS RELEASE.

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 NIGERIAN ARMY DID NOT  CONFISCATE PROPERTY OF ENUGU RESIDENT, IT RIGHTFULLY BELONGS TO THE NA The Nigerian Army (NA) has been notified of a viral petition written by the Civil Rights Realisation and Advancement Network (CRRAN) alleging that 82 Division of the NA is threatening to forcefully and unlawfully take over a property situated at Plot 30, Abakaliki Road, Enugu, which includes No. 7 Abakaliki Lane in the Government Residential Area (GRA) of Enugu State.  The NA wishes to state that the  petition, which  also posits that 82 Division, in defiance to a letter from the Office of the Chief of Army Staff decided to take the law into its hand and supplant the rule of law, is completely unfounded and intended to tarnish the ongoing efforts of the NA to restore peace and tranquility in the South East Region.  It is therefore necessary to set the record straight  in order not to mislead the public. The said property is the NA property that was last occupied by Col Emeka Ugwuoke Rtd durin
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CBN INCREASES INTEREST RATE. (PHOTO).

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 CBN Increases Interest Rate

May 24, 2023

The Central Bank of Nigeria (CBN) on Wednesday, raised its benchmark lending rate to 18.5 per cent, from 18 per cent, in an aggressive push to contain the nation’s inflationary pressure.

The CBN governor, Godwin Emefiele, announced this Wednesday after the bank’s Monetary Policy Committee (MPC) meeting that began Tuesday.

Mr Emefiele while addressing journalists at the end of the two-day meeting in Abuja, said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.

He also disclosed that the MPC voted to keep the Cash Reserve Ratio (CRR) at 32.5 per cent while the Liquidity Ratio was retained at 30 per cent.

“Ten members voted to raise the MPR by 15 basis points and one member by 25 basis points, and all members voted to keep all parameters in constant,” Mr Emefiele said.

The CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash, while the bank’s liquidity ratio is the proportion of deposits and other assets they must maintain to be able to meet short-term obligations.

In January, the MPC raised its benchmark lending rate from 16.5 per cent to 17.5 per cent in a sustained push to control inflation and ease pressure on the naira.

Similarly, the CBN, during the last MPC in March, raised its benchmark lending rate to 18 per cent in an aggressive push to contain the nation’s inflationary pressure.

Last week, the annual inflation rate of Africa’s largest economy rose to 22.22 per cent in April from 22.04 per cent in the previous month. The National Bureau of Statistics (NBS) said the April 2023 inflation rate increased by 0.18 per cent compared to the March 2023 headline inflation rate.

 

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