News
CBN Holds Benchmark Interest Rate at 26.5% Amid Inflation Concerns
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.
By staff Reporter Rukevwe Odeh
A group of stakeholders in Warri has announced its decision to withdraw support for the incumbent member representing the Warri Federal Constituency in the House of Representatives, Hon. Thomas Ereyitomi, ahead of the 2027 general elections.
The group, while explaining its position, cited what it described as dissatisfaction with the lawmaker’s performance and representation of the constituency.
The stakeholders subsequently declared their support for Comrade Jude Ukori Mulade as their preferred candidate for the 2027 House of Representatives election.
According to the group, its decision followed concerns over the level of representation and development delivered to the constituency under the current administration.
The stakeholders said they were seeking a representative who would be more responsive to the needs of the people and more committed to advancing issues affecting residents across the constituency.
They urged other political stakeholders and eligible voters in Warri to consider Mulade’s candidacy as the 2027 elections approach.
The group’s endorsement adds to the growing political activities and realignments expected to shape the contest for the Warri Federal Constituency seat ahead of the 2027 general elections.
Ereyitomi, who currently represents the constituency in the House of Representatives, has yet to publicly respond to the allegations contained in the group’s statement.
By staff Reporter Rukevwe Odeh
Residents and road users along the Warri Airport Road, particularly the section near Federal Government College in Warri South Local Government Area of Delta State, have continued to contend with recurring flooding despite years of road construction and rehabilitation efforts.
The affected stretch is frequently submerged following heavy rainfall, with inadequate drainage identified as a major factor contributing to the persistent flooding.
The recurring situation has raised concerns among motorists, residents and other road users, who say the condition of the road continues to disrupt movement and create difficulties for commuters whenever there is significant rainfall.
The development has also renewed calls for attention to the drainage system along the route, with residents hoping that a lasting solution will be implemented to prevent the road from repeatedly becoming flooded.
By staff Reporter: Rukevwe Odeh
A heavy downpour has left the popular NNPC Housing Complex Road, also known as Ekpan Link Road, submerged in floodwater in Uvwie Local Government Area of Delta State.
The rainfall caused significant water accumulation along the busy road, affecting movement and creating difficulties for motorists and other road users.
The condition of the road has renewed concerns over flooding and drainage challenges in the area, particularly during periods of heavy rainfall.
Residents and commuters are expected to exercise caution while using the affected route as efforts to manage the situation continue.
-
Social2 months agoNAIS – Northern Nigeria/Abuja Chapter Honours Amb. Ebi Lagos with Award of Recognition
-
Breaking3 months ago2027: INEC Alegedly Announces Plans to Conduct Party Primaries in the Newly Created State Constituencies in Warri North and Warri Southwest LGAs, Others
-
News1 month agoPAP: EX-AGITATORS OF BOYLOAF CAMP DISTANCE SELVES FROM THEIR LEADERS ONSLAUGHT ON THE PAP ADMINISTRATOR
-
Local News4 months agoJust In: Ambassador Podoki Emerges APP Candidate for Burutu Constituency-I Assembly Seat
-
Politics3 months ago2027: Mulade Challenges NDC’s Substitution of His Party Candidacy, Demands ₦5 Billion Damages
-
Breaking3 months agoTinubu Intervenes in Warri Delineation Dispute, Meets Ijaw, Urhobo and Itsekiri Leaders
-
Local News4 months agoINC: Group Faults Sponsored Attacks on Tompolo, Igbadiwei, Urges Unity in Ijaw Nation
-
Entertainment2 months agoJKing Logistics Coordinator Shed Light to Address Ijaw Music Wage Controversy