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BREAKING: CBN Raises Interest Rate To 26.75% Amid Soaring Inflation

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The Central Bank of Nigeria (CBN) has once again increased the Monetary Policy Rate (MPR), a key indicator of interest rates, by 50 basis points.

The MPR has risen from 26.25% to 26.75%, a move aimed at tackling the escalating inflation and surging food prices in the country.

CBN Governor, Olayemi Cardoso, made the announcement following the 296th Monetary Policy Committee (MPC) meeting held at the apex bank’s headquarters in Abuja on Tuesday.

This decision reflects the CBN’s efforts to curb the rising cost of living and stabilize the economy, as inflation continues to pose a significant challenge to the country’s economic growth.

 

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JUST IN: Governor Sanwoolu Approves N85,000 As Minimum Wage In Lagos

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Governor Babajide Sanwoolu of Lagos State has approved N85,000 as minimum wage for civil servants in the state.

This is in line with the federal government’s approval of N70,000 as minimum wage in Nigeria.

Governor Sanwoolu made this announcement on Channels TV this night in an interview session.

 

More to come…

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Describing Killers Of SuperSport Crew As ‘Non-State Actors’ Wrong — British Diplomat Tells Peter Obi

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British High Commissioner to Nigeria, Catriona Laing, has described the description of the killers of the Supersport crew as “non-state actors” as wrong.

Laing made this known during a visit to Labour Party presidential candidate, Peter Obi, in Abuja.

According to her, “When you have people killing innocent people, you shouldn’t describe them as non-state actors.

“They are criminals, they are murderers and that is how they should be described.

“Describing them as non-state actors somehow suggests that there is some sort of legitimacy or justification or explanation or mitigation.

“There is absolutely no justification or explanation or mitigation for killing people.”

Laing expressed concern over the growing insecurity in Nigeria, particularly in the Southeast.

“The level of violence, particularly in the Southeast, is of huge concern.

“We are very worried about the security situation and the impact it is having on the citizens.”

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TikTok Deletes 2.1 Million Videos In Nigeria Over Guideline Violations — CGE Report

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TikTok reported removing over 2.1 million videos in Nigeria in the second quarter of 2024 due to violations of its community guidelines.

In the Community Guidelines Enforcement (CGE) Report released on Tuesday, TikTok stated that this action is part of its ongoing initiative to improve content moderation and ensure a safer platform for users.

According to the report, “Key findings show that 99.1 percent of these videos were proactively removed before users reported them, with 90.7 percent taken down within 24 hours.

These figures highlight TikTok’s commitment to staying ahead of harmful content, ensuring a safer platform for Nigerian users.”

The removed videos account for less than 1 per cent of total uploads in Nigeria during the specified period.

Globally, TikTok announced it had taken down over 178 million videos in June 2024, with 144 million of these removals managed through automated systems.

TikTok noted, “With a proactive detection rate now at 98.2 percent globally, TikTok is more efficient than ever at addressing harmful content before users encounter it.”

The company affirmed its commitment to further investment in technologies aimed at enhancing content moderation and assessing potential risks.

Additionally, TikTok reinforced its dedication to transparency and platform safety for its diverse user base in Nigeria and worldwide.

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