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    4G base stations in Nigeria hit 39,006, data crashes from N1200 to N350 – Pantami

    4G base stations in Nigeria hit 39,006, data crashes from N1200 to N350 – Pantami

    PANDEF hails Buhari over Arase’s appointment as PSC Chairman

    PANDEF hails Buhari over Arase’s appointment as PSC Chairman

    Abia PDP guber candidate, Ikonne dead

    FG engages Yoruba royal fathers on COVID-19 vaccination

    BREAKING: ALL travellers arriving Nigeria must provide evidence of COVID vaccination, says FG

    President Buhari’s new year message 

    Buhari inaugurates $1.5bn 1st deep sea port in Lagos

    Nigeria begins bid to overturn $11bn P&ID debt — trial to last eight weeks

    Nigeria begins bid to overturn $11bn P&ID debt — trial to last eight weeks

    Passengers stranded as Warri-Itakpe train derails in Kogi forest

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CBN retains 5% interest rate for power sector, others

June 1, 2022

Sequel to its development finance initiative, the Central Bank of Nigeria has agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023.
The decision followed the resolution of the Monetary Policy Committee to increase benchmark interest rate to 13 per cent from 11.5 per cent. Rate increases of this nature often lead to increases in lending rates across the various sectors of the economy.
The CBN said, “The MPC is of the view that rates on the development finance initiatives of the Bank should remain at five percent till March 2023.”
 The five per cent per annum interest rate is a form of subsidy for industry players who originally ought to pay an interest rate of nine per cent. But such rates may rise as high as 20 per cent per annum at commercial banks.

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