Author: Akintayo Adams

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%. This decision was made at the conclusion of the 297th Monetary Policy Committee (MPC) meeting held in Abuja. The committee also retained the asymmetric corridor at +500 and -100 basis points, while raising the Cash Reserve Ratio (CRR) from 45% to 50%. CBN Governor Olayemi Cardoso, while briefing the press, mentioned that the committee unanimously agreed on further tightening monetary policy to address the nation’s economic challenges. Cardoso said, “The committee was unanimous in its decision to…

The National Bureau of Statistics (NBS) has revealed that 5.4% of Nigerians, approximately 4.8 million individuals within the working-age population, were unemployed in 2023. This is based on the NBS’s new methodology, which defines the labor force as individuals aged 15 and above who are willing, available, and able to work during the survey period. Unlike the previous approach that required 20 hours of work, the new method counts those who worked at least one hour in the previous seven days as employed. In its press release on the 2023 Annual and Q1 2024 Nigeria Labour Force Survey results, NBS…

Nigerian actress Toyin Adegbola, popularly known as ‘Ajoke Asewo to re Mecca’ has advised women against seeking divorce, emphasizing that equality doesn’t exist in marriage. During an Instagram live session on Monday, she urged women to remain with their unfaithful husbands while taking precautions to protect themselves from sexually transmitted diseases. She recounted a friend’s experience, explaining how her friend buys condoms for her husband to use when he’s visiting Nigeria, as a precautionary measure. According to Toyin, women shouldn’t expect equal rights in marriage and should accept their husbands’ behavior rather than leave. “No matter how difficult your husband…

Justice Binta Nyako of the Federal High Court in Abuja has recused herself from the trial of Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), on terrorism charges brought by the federal government. The judge stepped down from the case on Tuesday after Kanu expressed a lack of confidence in her ability to handle the proceedings. During the hearing, Kanu interrupted the proceedings, instructing his lawyer, Aloy Ejimako, to sit down as he addressed the court directly. He declared he no longer had trust in Justice Nyako and demanded she recuse herself from the trial. Despite objections…

Cryptocurrencies made cautious gains to start the week, with Bitcoin (BTC) rising 1.3% over the past 24 hours to just under $63,500. Ether (ETH) outperformed Bitcoin, gaining 2.7% to reach $2,650, while the broader digital asset market rose by 1.1%, according to the CoinDesk 20 Index. Data from CoinGlass reveals that in the past 12 hours, $64.23 million in short positions were liquidated compared to $54.42 million in long positions, indicating more pressure on short sellers. The activity comes in the wake of last week’s 50 basis-point interest-rate cut by the U.S. Federal Reserve. Over the past week, BTC has…

The Senior Pastor of Awaiting The Second Coming of Christ Ministry, Adewale Giwa, has claimed that Peter Obi, the 2023 Labour Party (LP) presidential candidate, is responsible for the hardships Nigerians are experiencing under President Bola Tinubu’s administration. Pastor Giwa argued that Obi knew he couldn’t defeat the All Progressives Congress (APC) but still ran for office, playing a “spoiler role” in the election. In an interview, Giwa emphasized that defeating the ruling party in Nigeria requires a coalition of opposition parties, pointing to how multiple parties aligned to defeat former President Goodluck Jonathan in 2015. He criticized the fragmented…

Governor Ademola Adeleke of Osun State has approved re-scheduled working days for various categories of civil servants in the state. He also assented to an extension of payment of palliatives for public servants for the next two months. This is in response to the high cost of transportation. The announcement was contained in a circular shared on the State Government’s X handle. The circular, which originated from the Office of the Head of Service was signed by Mallam Olawale Rasheed, Spokesperson to the State Governor. “By this Circular, therefore, and until another directive is given, the working day schedules for…

Augustine Eguavoen will remain as the head coach of the Super Eagles until a foreign coach is appointed. The extension by NFF coincides with recent endorsements from former assistant and ex-Super Eagles captain Joseph Yobo. Eguavoen is set to lead the team in their 2025 AFCON double-header against Libya next month. Under his guidance, the Super Eagles have already secured a 3-0 win over Benin and a goalless draw against Rwanda in the ongoing qualifiers for the 2025 AFCON in Morocco. A top official confirmed Eguavoen’s continued leadership, stating that the Nigeria Football Federation (NFF) is still searching for a…

Chairman of Dangote Group, Aliko Dangote has reiterated the need for Nigeria to end fuel subsidies, emphasizing that the government is spending excessively on subsidies, which it can no longer sustain. In an interview with Bloomberg TV, the business magnate highlighted that maintaining the petrol subsidy would result in the government “paying what they are not supposed to be paying.” Dangote’s remarks come after President Bola Tinubu officially announced the end of the fuel subsidy during his inauguration speech on May 29, 2023. The subsidy removal has since led to a significant increase in fuel prices across Nigeria. He explained…

The U.S. Chamber of Commerce has supported President Bola Ahmed Tinubu-led administration with approximately $320 million aimed at mortgage refinancing and women’s empowerment. This announcement was made during a U.S.-Nigeria Executive Business Roundtable held in New York, with Vice President Kashim Shettima, representing Nigeria at the United Nations General Assembly (UNGA), leading the delegation. Nisha Biswal of the American International Development Finance Corporation revealed that the U.S. Chamber has allocated $200 million toward mortgage refinancing in Nigeria, as part of its $1 billion portfolio. Additionally, $100 million is being provided to First City Monument Bank (FCMB) to support small and…