Business
JUST IN: CBN raises interest rate to 24.75% in bid to curb inflation
In a move aimed at tackling the rising inflation in Nigeria, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has announced a significant increase in the benchmark interest rate.
The Monetary Policy Rate (MPR) which was previously 22.75 now stands at 24.75%.
Speaking to journalists after the MPC meeting, CBN Governor Yemi Cardoso, emphasized the committee’s commitment to curbing inflation and restoring the purchasing power of Nigerians.
He outlined the various policy adjustments implemented:
The most significant change is the substantial increase in the MPR to 24.75%. This makes borrowing more expensive, aiming to reduce spending and slow economic growth, ultimately bringing down inflation.
The CBN has also adjusted the Cash Reserve Ratio (CRR) for commercial banks, maintaining it at 45%. However, the CRR for merchant banks has been increased from 10% to 14%.
Additionally, the liquidity ratio remains unchanged at 13%. These measures aim to tighten control over the money supply in circulation, further dampening inflationary pressures.
Cardoso highlighted the importance of food security in the fight against inflation. He urged the federal government to fully implement its agricultural programmes, aiming to increase domestic food production and reduce reliance on imported food items, which can be susceptible to price fluctuations.
The increased interest rate will have a ripple effect throughout the Nigerian economy. Borrowers, including businesses and individuals, can expect to pay more for loans, potentially impacting investment and consumer spending.
However, the CBN’s actions are intended to bring down inflation in the long run, which would ultimately benefit Nigerians by stabilizing prices and protecting their purchasing power.
The MPC’s decision to aggressively raise interest rates reflects the seriousness of Nigeria’s inflation challenge.
Whether these measures will achieve the desired outcome remains to be seen. The effectiveness will depend on various factors, including the government’s success in boosting food production and the overall response of the Nigerian economy to tighter monetary policy.
Business
Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.
The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.
“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.
Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.
The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.
“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.
He urged Nigerians to deepen the capital market and promote wider ownership of wealth.
“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.
BLACK MARKET
US DOLLAR ₦1385
POUND (GBP) ₦1880
EURO (EUR) ₦1580
CANADIAN DOLLAR (CAD) ₦1000
SOUTH AFRICAN RAND (ZAR) ₦90
UAE DIRHAM (AED) ₦370
CHINESE YUAN (CNY) ₦190
GHANA CEDI (GHS) ₦100
Central Bank of Nigeria Rates
DOLLAR (USD)₦1326.52
POUND (GBP)₦1794.52
EURO (EUR)₦1540.22
SWISS FRANC (CHF)₦1627.83
JAPANESE YEN (JPN)₦8.64
CFA FRANC (XOF)₦2.34
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1811.58
CHINESE YUAN (CNY)₦197.74
SAUDI RIYAL (SAR) ₦353.20
SOUTH AFRICAN RAND (ZAR) ₦82.24
Business
Dangote Refinery’s IPO Officially Opens Today On NGX
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation…”
Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.
The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.
The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.
The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”
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