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CBN Holds Benchmark Interest Rate at 26.5% Amid Inflation Concerns

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CBN Holds Benchmark Interest Rate at 26.5% Amid Inflation Concerns
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By Rukevwe Odeh

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has maintained the country’s benchmark Monetary Policy Rate (MPR) at 26.5 per cent, citing persistent inflationary pressures and growing uncertainty in the global economy.

Announcing the outcome of the committee’s meeting in Abuja, CBN Governor Olayemi Cardoso said policymakers opted to keep the rate unchanged after reviewing both domestic and international economic conditions. He explained that renewed geopolitical tensions in the Middle East, which have raised concerns over global energy prices, influenced the committee’s cautious stance.

The MPC also retained the asymmetric corridor around the MPR at +500/-100 basis points. In addition, the Cash Reserve Ratio (CRR) remains at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, while the liquidity ratio was left unchanged.

According to Cardoso, Nigeria’s headline inflation eased slightly in June, falling to 15.91 per cent from 15.93 per cent recorded in May. Although the decline is modest, the committee believes it is too early to begin relaxing monetary policy because external developments could reverse recent gains in price stability.

He noted that rising tensions in the Middle East could trigger higher crude oil prices and increase the cost of imported goods, posing fresh inflation risks for Nigeria and other emerging economies.

The CBN governor stressed that the apex bank will continue to monitor economic indicators closely and remains committed to policies aimed at safeguarding price stability, strengthening investor confidence, and supporting sustainable economic growth.

Financial analysts say the decision reflects the central bank’s preference to maintain a tight monetary stance until inflation shows a more consistent downward trend despite expectations in some quarters for an interest-rate cut.


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Presidency, Peter Obi Clash Over Alleged Prevention from Greeting Flamingos

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Presidency, Peter Obi Clash Over Alleged Prevention from Greeting Flamingos
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By staff Reporter Rukevwe Odeh

 

 

The Presidency and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, have exchanged words following allegations that officials of the Nigeria Football Federation (NFF) prevented him from greeting Nigeria’s victorious Under-17 women’s national football team, the Flamingos, at the Nnamdi Azikiwe International Airport, Abuja.

Obi alleged that NFF officials stopped him from approaching the players when he encountered the team at the airport on Monday, following their return from Morocco with the FIFA U-17 Women’s World Cup trophy.

In a statement issued through his media office, the former Anambra State governor said he had asked his protocol officer, Jackie Wayas, to find out whether he could welcome and congratulate the players.


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Ekpemupolo Samuel Welcomes Oborevwori, APC Campaign Council to Warri South-West

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Ekpemupolo Samuel Welcomes Oborevwori, APC Campaign Council to Warri South-West
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By staff Reporter Rukevwe Odeh

 

 

Leader of the Warri South-West Legislative House and Chairman of the Delta State Councillors Forum, Rt. Hon. Ekpemupolo Idukedoumene Samuel, has warmly welcomed Delta State Governor, Rt. Hon. Sheriff Oborevwori, alongside members of the Delta State APC Campaign Council, to Warri South-West Local Government Area.

The visit forms part of the party’s political engagements and mobilisation activities ahead of the 2027 general elections.

Ekpemupolo Samuel’s reception of the governor and his entourage underscores the involvement of political and legislative stakeholders in the party’s activities across the local government area.

The visit also provides an opportunity for party leaders, elected representatives and grassroots stakeholders to interact as the APC intensifies its political engagements across Delta State.


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Tompolo Deploys 50 Campaign Vehicles in Enugu, Cross River for Tinubu’s 2027 Re-election

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Tompolo Deploys 50 Campaign Vehicles in Enugu, Cross River for Tinubu’s 2027 Re-election
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By staff Reporter Rukevwe Odeh

 

 

The PBAT Door-to-Door Movement, led by its Grand Patron, High Chief Government Oweizide Ekpemupolo, popularly known as Tompolo, has deployed 50 campaign vehicles to Enugu and Cross River states as part of its grassroots mobilisation efforts ahead of the 2027 general elections.

 

The vehicles, with 25 allocated to each state, were presented on Monday, November 9, during separate ceremonies marking the inauguration of the movement’s state structures in Enugu and Calabar.

 

The movement also distributed other campaign materials, including public address systems, to strengthen its outreach across communities, electoral wards and polling units.

In Enugu, Tompolo, represented by the Managing Director of Tantita Security Services Nigeria Limited, Chief Kestin Ebimorbowei Pondi, reaffirmed the movement’s commitment to supporting the All Progressives Congress (APC) by taking the policies and programmes of President Bola Tinubu’s administration directly to the people.

He explained that the mobilisation campaign would extend beyond residential communities to markets, motor parks, churches, mosques, shops and other public gathering points.

Pondi also commended Governor Peter Mbah for ongoing development initiatives in Enugu State, including road infrastructure, transport terminals, smart schools, security facilities and aviation projects.

The Deputy Governor, Ifeanyi Ossai, who represented Mbah, welcomed the movement’s grassroots mobilisation efforts and assured members of the state government’s readiness to integrate the organisation into its campaign structure.

In Cross River, Governor Bassey Otu, represented by his deputy, Dr. Peter Odey, pledged that the state would mobilise at least 1.5 million votes for Tinubu in the 2027 presidential election.

Otu attributed the state’s support to developments under the Tinubu administration, including the Lagos-Calabar Coastal Highway, increased federal allocations and infrastructure projects.

He also expressed optimism that Tinubu’s re-election would support Cross River’s ambition to regain its oil-producing status and actualise the Bakassi Deep Sea Port.

Speaking through Pondi, Tompolo urged residents to support Tinubu and other APC candidates, describing the administration’s economic reforms as a gradual process that requires patience and continuity.

He cited the Nigerian Education Loan Fund (NELFUND), increased federal allocations to states and the removal of fuel queues as developments he believed should be sustained.

The National Coordinator of the movement, Comrade Sunday Adekanbi Asuku, also urged eligible Nigerians to obtain their Permanent Voter Cards (PVCs) and participate actively in the 2027 elections.

He identified student loan initiatives, local government autonomy and the establishment of the South East Development Commission among the administration’s programmes cited by the movement in its mobilisation campaign.

Meanwhile, APC chairmen in both states, Dr. Martin Chukwunweike of Enugu and Sony Etta of Cross River, expressed support for the mobilisation exercise.

The latest deployment further expands the PBAT Door-to-Door Movement’s nationwide grassroots campaign, which is focused on strengthening its structures at state, local government and ward levels ahead of the 2027 elections.


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