Oct 7, 2024 – Page 2 – Top News Magazines.

Increase in interest rate painful for borrowers, necessary to control inflation – CBN

Oct 7, 2024 topnews

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has described the decision to raise the Monetary Policy Rate (MPR) to 27.25 percent as a bold move. According to him, higher interest rates, “while painful for borrowers, are necessary to curb excess money in circulation and control inflation.” He noted that leadership is about making hard choices to secure long-term stability over short-term comfort “in moments like these.” Cardoso spoke in Lagos at the weekend while addressing members of the Harvard Club of Nigeria on the topic ‘Leadership…

Rivers LG elections: Fubara swears in LG chairmen as Wike camp heads for court

Oct 7, 2024 topnews

The Peoples Democratic Party and the All Progressives Congress factions in Rivers State on Sunday rejected the conduct and outcome of the local government election held in the state on Saturday. The Rivers PDP loyal to the Minister of the Federal Capital Territory, Nyesom Wike, described the poll as an exercise in futility, vowing to challenge it in court. The Wike camp said this as the Rivers State Governor, Siminalayi Fubara, swore in the newly elected council chairmen of the 23 local government areas of the state. The exercise was…