CBN raises benchmark interest rate to 13% 

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted unanimously to raise the Monetary Policy Rate (MPR) to 13 per cent.

CBN Governor, Godwin Emefiele, announced this on Tuesday while briefing reporters at the end committee’s meeting at the apex bank’s headquarters in Abuja.

More details to follow..

In the meantime, the National Industrial Court sitting in Lagos has ordered the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to pay over N5.7bn terminal benefits to over 1,000 bank workers affected by the re-capitalisation exercise of 2006.

The money is to be paid within three months from the date of judgment failing which it will attract 10 percent interest until liquidated.

Justice Paul Bassi made the order while delivering judgment on Monday in the case filed by 1,116 claimants who had approached the court since 2018.

The court also ordered the CBN and the NDIC to pay another N10m as general damages to the claimants.