Business
CBN Holds Benchmark Interest Rate at 26.5% Amid Renewed Inflation Concerns
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has retained the Monetary Policy Rate (MPR) at 26.5 per cent, maintaining the current stance after its two-day meeting that ended on Wednesday, May 20, 2026.
CBN Governor Olayemi Cardoso announced the decision, noting that the committee voted unanimously to hold all key parameters unchanged. The asymmetric corridor around the MPR remains at +500/-450 basis points, the Cash Reserve Ratio (CRR) stays at 45 per cent for commercial banks and 16 per cent for merchant banks, while the liquidity ratio is retained at 30 per cent.
The hold comes as headline inflation rose for a second consecutive month to 15.69 per cent in April 2026, up from previous levels, driven largely by food inflation at 16.06 per cent and higher transportation costs. Cardoso emphasised the need for a cautious and vigilant approach to anchor inflation expectations and safeguard macroeconomic stability.
This decision aligns with analysts’ expectations ahead of the 305th MPC meeting and follows the first rate cut in years implemented in February 2026, when the MPR was reduced by 50 basis points to the current 26.5 per cent.
The CBN Governor highlighted ongoing reforms, exchange rate stability, and efforts to improve food supply as factors supporting the disinflation process, even as global and domestic risks persist. The next MPC meeting is expected in July.
The retention signals the apex bank’s priority on taming inflation while monitoring the impact of previous policy actions on the broader economy.
Business
President Tinubu Urges Africa to Stop Exporting Raw Minerals
The dialogue, themed, “From Resources to Wealth: Continental Cooperation for Mineral Value Addition, Data Sovereignty, Innovative Financing and Critical Minerals Security,” focused on transforming Africa’s mineral wealth into sustainable economic growth.
Photo: The President was represented by Vice President Kashim Shettima, alongside AMSG Chairman and Minister of Solid Minerals Development, Dr Dele Alake.
President Bola Tinubu has called for a fresh continental push to end the historical exploitation of Africa’s critical mineral resources, urging African nations to unite and halt the export of raw materials.
President Tinubu made the call in New York, United States, during the Africa Minerals Strategy Group (AMSG) High-Level Roundtable on Critical Minerals Development in Africa, held on the sidelines of the 81st Session of the United Nations General Assembly (UNGA).
He called for an aggressive alliance among African countries to ensure that the continent transitions from a mere supplier of raw minerals to a hub for local processing, manufacturing and value addition.
The President was represented by Vice President Kashim Shettima, alongside AMSG Chairman and Minister of Solid Minerals Development, Dr Dele Alake.
The dialogue, themed, “From Resources to Wealth: Continental Cooperation for Mineral Value Addition, Data Sovereignty, Innovative Financing and Critical Minerals Security,” focused on transforming Africa’s mineral wealth into sustainable economic growth.
President Tinubu told African leaders and other stakeholders that “the continent could not claim to be wealthy while its children wallowed in poverty amid mines that enrich the world.”
He noted that critical minerals such as cobalt, copper, lithium and rare earth elements had become indispensable to global supply chains and economic security.
According to him, the answer to the deprivation “must be processing, refining, batteries, components, African technologies and competitive skills”.
Business
Fans shown 65,000 junk food ads at World Cup
Coca-Cola had the highest number (21,893), followed by McDonald’s (13,915), Powerade (12,777), and Lay’s – the crisps manufacturer known as Walkers in the UK – (12,087).
Football fans were shown a “constant bombardment” of advertisements promoting junk food and drinks during matches at the 2026 Fifa World Cup, according to a new study.
BBC reported that researchers at the University of Bristol and University of Oxford created an AI tool to analyse ads which were visible to television viewers during live play in the tournament’s 104 matches, mostly displayed on pitchside advertising boards and around stadiums in the USA, Canada, and Mexico.
They found that logos and products for brands that produce junk food and drinks – defined by the UK government as being high in fat, salt or sugar – were displayed 65,722 times in total.
And the study also found that those adverts were visible for 28.1 hours’ time across the tournament, or just over 16% of the total time that matches were being played.
The ads were all shown on the international feed of matches during play – meaning they were visible to every viewer in every country broadcasting matches – and do not include ads shown during pre-match coverage, half-time commercial breaks, or the controversial in-match hydration breaks.
The model used by the researchers estimated that there were an average of 576 visible ads for junk food and drink shown during each individual match.
Coca-Cola had the highest number (21,893), followed by McDonald’s (13,915), Powerade (12,777), and Lay’s – the crisps manufacturer known as Walkers in the UK – (12,087).
All four brands are official partners of world football governing body Fifa, with the Powerade energy drink owned by the Coca-Cola company.
In response to the findings, Fifa argued that the vast majority of its revenue is put back into football, including on projects promoting health and wellbeing in which thousands of people participate.
Business
Gambia Orders Nigerian Banks To Replace Foreign Staff by December 2026
Each bank is expected to identify suitably qualified Gambian nationals who can fill affected roles as the transition progresses.
The Central Bank of The Gambia has ordered commercial banks, including Access Bank, Guaranty Trust Bank (GTBank), FirstBank, Zenith Bank and Ecobank, to replace non-Gambian employees with suitably qualified Gambian nationals by December 31, 2026.
The directive came in a circular dated September 16 and signed by CBG Second Deputy Governor Dr Paul J. Mendy.
The order followed a meeting between the central bank and managing directors of commercial banks on August 27, as well as an industry-wide review of how banks employ foreign personnel.
The CBG said the review uncovered a “relatively high number” of non-Gambians working in banks beyond those covered by recognised expatriate arrangements.
The regulator said the situation violates The Gambia’s Labour Act 2023 and is inconsistent with Guideline 9, which governs how banks employ expatriate staff.
It directed all banks to adopt a phased approach to replacing existing non-Gambian staff with qualified Gambian nationals.
The CBG said: “Consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations.
“Banks must also ensure that as positions are localised, the transition does not cause the loss of critical institutional knowledge or disrupt day-to-day banking services.
Each bank is expected to identify suitably qualified Gambian nationals who can fill affected roles as the transition progresses.
Credit: Abokiforex.com
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