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
Naira Exchange Rates Tuesday, August 25
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,400 Sell ₦1,405
Great British Pound(GBP) Buy ₦1,900 Sell: ₦1,920
EURO (EUR) Buy ₦1,590 Sell ₦1,610
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,346.98
Great British Pound (GBP) ₦1,837 54
EURO (EUR) ₦1,571.52
Swiss Franc (CHF) ₦1,678.89
Chinese Yuan (CNY) ₦200.37
Japanese Yen (Yen) ₦8.46
West African CFA (XOF) ₦2. 40
West African Unit Account (WAUA) ₦1,849. 43
Saudi Riyal (SAR) ₦358.73
South African Rand (ZAR) ₦84.11
Business
NAFDAC Gives Conditions For Reopening Sealed Factories of Alcoholic Manufacturers
The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees…
• NAFDAC DG, Prof Mojisola Christianah Adeyeye
The National Agency for Food and Drug Administration and Control (NAFDAC) on Monday gave the conditions for the reopening of sealed factories of alcoholic beverages manufacturers nationwide.
At a press briefing in Lagos, the agency’s Director – General, Prof Mojisola Christianah Adeyeye, also directed the Distillers and Blenders Association of Nigeria (DIBAN), the Association of Food, Beverage and Tobacco Employers (AFBTE), and their member companies who have not comply with the ban on alcoholic beverages packaged in sachets and PET (plastic) bottles below 200ml to do so.
“Affected manufacturers are required to immediately commence a nationwide recall of all alcoholic drinks packaged in sachets and PET bottles below 200ml from distributors, warehouses, and other points within the supply chain and submit to the agency for destruction,” she said.
Emphasising on reopening sealed factories, she said: ” NAFDAC imposed investigative charges on defaulting companies found to have violated regulatory directives relating to the manufacture and distribution of alcoholic beverages in prohibited package sizes.
The affected companies are required to settle the applicable charges within the stipulated period and comply fully with all regulatory directives issued by the Agency.
The Agency wishes to emphasize that all recalled alcoholic products shall be subjected to inventory verification and destruction under NAFDAC supervision in accordance with the terms of the enforcement undertaking. Manufacturers shall bear the full cost of such destruction exercises.
Furthermore, before any sealed facility involved in the production of alcoholic beverages in sachets or PET bottles below 200ml can be reopened, NAFDAC will require satisfactory evidence that the production lines used for the prohibited package sizes have been dismantled, permanently disabled, or reconfigured to prevent the manufacture and packaging of alcoholic products in sachets and PET bottles below 200ml.
Such dismantling or reconfiguration shall be carried out under the direct supervision and verification of NAFDAC officers.
The reopening and continued opening of any facility shall be subject to:Full compliance with the nationwide recall directive. Payment of all applicable investigative charges and regulatory fees.Successful destruction of recalled products under NAFDAC supervision. Verification of the dismantling, reconfiguration, or decommissioning of equipment used for prohibited package sizes.Satisfactory inspection and certification by NAFDAC that the facility is compliant with all regulatory requirements.”
Business
Cybercriminals cloning DStv, other brands to steal bank accounts across Africa
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.
More than 100 fake websites linked to the malware campaign have been identified since August 2025.
Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.
According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.
The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.
NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.
The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.
Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.
The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.
-
Business6 hours agoNaira Exchange Rates Tuesday, August 25
-
Politics5 hours agoPresident Tinubu Retrieves APC Campaign List For Readjustment
-
News6 hours agoFG Moves To Fix Benin-Asaba Federal Highway
-
Politics5 hours agoAmaechi to Sowore: Close Your Mouth When Politicians Are Talking
-
Politics2 days agoAPC Chair Dies After Collapse at Kogi Meeting
-
News4 hours agoEnugu iron-smelting site Gets $125,000 US Grant
-
Politics3 hours ago[UPDATED] 2027: APC dismisses report of campaign council list withdrawal
-
News2 days agoTinubu Names Yari, DG Presidential Campaign Council
