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AugThe Nigerian National Petroleum Company Limited (NNPC Ltd) has secured a $3 billion emergency loan for the repayment of petroleum oil in an effort to stabilize the naira. NNPC Limited announced in a statement on Wednesday that it had secured crude-for-cash financing from the AFRIEXIM Bank headquarters in Cairo, Egypt. The oil-for-cash loan is intended to stabilize the foreign exchange market and support the naira as it continues to decline. “The NNPC Ltd. and AfriEXIM bank have signed a commitment letter and terms sheet for a $3 billion emergency crude oil repayment loan,” the NNPC said. “The signing, which took […]
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AugDue to lack of foreign exchange, Nigeria’s inflation rate in July 2023 reached the highest rate in years at 24.08%. The July 2023 rate increased by 1.29% points compared to the previous month’s rate of 22.79%, the National Bureau of Statistics (NBS) reported in a Tuesday report on the Consumer Price Index (CPI). The Consumer Price Index monitors the rate of price change for goods and services. On July 25, 2023, the Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR) from 18.5 percent to 18.75 percent. The interest rate hike happened amid rising food prices and growing[…]
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JulThe Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its 149th meeting on Tuesday with a resolution to raise the lending rate from 18.5 percent to 18.75 percent in order to reduce the country’s current inflation rate of 22.79 percent. The committee also changed the asymmetric corridor around the Monetary Policy Rate (MPR) from +100/-700 to +100/-300 basis points. It kept the Cash Reserve Ratio (CRR) at 32.5 percent and the liquidity ratio at 30%. The interim CBN Governor, Folashodun Shonubi, stated at a post-MPC meeting that 11 members participated. Shonubi began unwinding some of Godwin[…]