Nigeria's Central Bank Cuts Key Interest Rate for First Time in 6 Years


The Nigerian Central Bank has cut its key interest rates from 13% to 11%, a Bloomberg news agency correspondent in Lagos reports.
 
The Central Bank of Nigeria has cut its benchmark interest rate from 13% to 11% on Tuesday, CBN Governor, Godwin Emefiele said.
 
The move was unexpected, with most analysts forecasting the central bank, which has been battling to keep a lid on inflation, would hold rates at 13 per cent.
 
The bank's monetary policy committee had also decided to cut the cash reserve ratio from 25% to 20%, he said. 
 
It's the first time the central bank has lowered rates in six years and comes as central banks from Uganda to South Africa have moved to hike rates.
 
The graph below posted by one a Bloomberg news agency correspondent in Lagos shows interest rates over recent years:
 

Comments

Post a Comment

ORDER FOR YOUR FABRICS AND ACCESSORIES. +2348066186964

ORDER FOR YOUR FABRICS AND ACCESSORIES. +2348066186964
Buy

Popular posts from this blog

Girls Flash Their Breasts for 100 Dollars in the Street (Photo+Video)

Image
The girls were tricked into flashing their breasts for $100    A prankster has shared hilarious video of girls flashing their boobs for $100. The video which was uploaded on YouTube channel called PrankGenerator shows the host asking a lot of ladies in the street to show their boobs on camera for $100.      Although some were shy, they agreed but to their surprise, the money wasn't real and the whole thing was a set up prank. Some of the girls were pissed after learning of the trick. However, it was just a funny way to cool off the heat for many.   Watch video below:  
Read more

See 5 Profitable Businesses You Can Start Right Inside Your Room

Image
Everyone is in need of an extra source of income and search diligently everyday for such. Here are kinds of businesses that will help you out right from the comfort of our room.   Every big business started from being small at a particular time, take the likes of Facebook, Dangote, Microsoft.   What these businesses have in common is the fact that they all started out as small business although not every business will be end up being moonshot but starting your own business will give you benefits such as flexible work time and good job security.   The fact that you are reading this means you either want to start your own business or you are considering learning a skill you want to use to start a business.   Below are some ideas you can pursue at little or no cost;   Web Design: If you are skilled at web design or development the world is yours for the taking, at the moment with everybody buzzing to have a dotcom, you need to star...
Read more

The Moment WWE Legend, John Cena Proposed to His Girlfriend at WrestleMania (Photos+Video)

Image
Pro wrestler, John Cena got down on one knee to propose to his longtime girlfriend, Nikki Bella in front of thousands   Popular American professional wrestler, rapper, actor, and reality television show host, John Felix Anthony Cena Jr., a.k.a John Cena, got down on one knee to propose to his longtime girlfriend, Nikki Bella in front of 70,000 fans at WrestleMania 33 on Sunday night.   According to  Dailymail , the moment took place right after Cena and Bella defeated foes, The Miz and Maryse, who are a married couple in real life, in a tag team match in the ring.    After winning the Sunday match, Cena launched into an emotional speech. 'This is what you wanted over a year ago.     'You broke your neck and did everything you could to come back because you wanted a WrestleMania moment. I'm so very proud of you.   'Right before your surgery, there would be a time when you would be a little loopy and I could ask you anyth...
Read more

Zamfara State NYSC Member Suddenly Goes Missing

Image
    A youth corps member (pictured above) identified as Sorunke Olayiwola Lukman, has been declared missing.   Lukman is a Batch B Stream 1 corp member and was serving in Zamfara state when he disappeared.   His photo and details are being shared via Social Media.   Below is how his story is being told:   "He is Sorunke Olayiwola Lukman ZM/15B/0110 a serving corp member with Zamfara state, Anka Local Government area to be precise. He left home (Abeokuta) for his place of primary assignment to do his final clearance as he was a Batch B Stream 1 corp member, on Wednesday 20th to board a night bus to Zamfara.   "Since then he has not been reachable, his cellphones are not going through, he didn't get to his destination neither did he return home. Ibadan was the last place we could track him to, around coca cola area.   "A preliminary report confirmed an accident on Ogbomosho - Oyo express road, around Odo-Oba axis in...
Read more

Meet the Old Man Who Has Been Digging a Hole for the Past 18 Years Because 'God' Asked Him to

Image
Santiago Sanchez inside the hole   Santiago Sanchez, an 69-year-old from western El Salvador, is a mysterious figure.   The old man has been spending his days digging away at a tunnel for the past 18 years. According to him, God had asked him to do it.   According to Oddity Central, a reporter recently entered the tunnel, but had to exit before reaching the end, due to respiratory problems, so no one really knows how long it really is.   Every morning, at around 3 a.m., Santiago Sanchez goes down a hole into the tunnel he has been digging for nearly two decades and spends the whole day carving away at the rough service.   When the day is done, he exits with around 90 pounds of rock and debris. He has sworn to dedicate every waking hour of his life to the bizarre project and fulfill God’s command. The pensioner says that he received a message from the Lord, 18 years ago, telling him to start digging a hole. He took it to hea...
Read more

Abubakar Shekau's Refusal to 'Heed ISIS Instructions' Tears Boko Haram Apart

Image
Boko Haram's Abubakar Shekau   Speaking on Wednesday during his nomination hearing before the senate armed services committee, Thomas Waldhauser, a US military general, said that there is currently an internal fracture within the ranks of the Boko Haram sect.   Waldhauser said the problem in the group resulted from some members splitting from Abubakar Shekau, leader of the sect, over his failure to adhere to guidance from the Iraq and Syria-based Islamic State.   The nominee to lead US military’s Africa Command, disclosed, said the internal division was illustrative of limits of Islamic State’s influence over Boko Haram so far, in spite of the West African group’s pledge of allegiance to it last year.   “Several months ago, about half of Boko Haram broke off to a separate group because they were not happy with the amount of buy-in, if you will, from Boko Haram into the ISIL brand,"  he said.   He added that Shekau had not fallen into ...
Read more