TEAM LAGOS EMERGES TOP AT 23RD NATIONAL SPORTS FESTIVAL SOUTH WEST ELIMINATION. (PHOTOS). #PRESS RELEASE.

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 TEAM LAGOS EMERGES TOP AT 23RD NATIONAL SPORTS FESTIVAL SOUTH WEST ELIMINATION Lagos State athletes proved their dominance in the South West by edging out regional competitors and emerging top in the five team events contested at the elimination series qualifier for the 23rd National Sports Festival later this year in Enugu. The elimination series featured team events in volleyball, basketball, football, beach volleyball, and cricket in male and female categories. While the team clinched only the female football ticket by topping their group, they showed dominance in three other sports by winning both the male and female tickets. Team Lagos took first position in the volleyball male and female categories. The male team defeated their counterparts from Ondo in the finals by 25-18, 24-26, 25-20, and 25-20, while the female team defeated Team Oyo by 25-18, 22-25, 28-26, 16-25, and 15-8. The Osun basketball team fell to the superior firepower of the Team Lagos male team in their last ...
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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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