China imposes sanctions on US Speaker, Nancy Pelosi, after visiting Taiwan
FBI uncovers alleged plot by Al-Qaeda to strike US following killing of leader
China fires powerful missiles into Taiwan in show of anger over visit of U.S Speaker
DR Congo to expel UN spokesman, Gilman
Somalia appoints al-Shabaab co-founder as religion minister
Peter Obi’s support group accuses Tinubu, Atiku’s camps of divisive actions
Lagos PDP chieftain, Gbadamosi joins Labour Party, hails Obi-Baba-Ahmed combination
Lai Mohammed wants Google to block IPOB’s access to YouTube
‘Targeting of northerners in S’East worsening community relations’ —NEF spokesman, Baba-Ahmed
Sanwo-Olu cautions politicians, others against gagging the media
Elon Musk loses $11.9bn, rules out new airport for Tesla
‘It’s circulated to cause panic,’ Polaris Bank dismisses report on planned sale by CBN
NGX: Investors gain N81bn as Honeywell, GTCO lead trades
SEC warns Nigerians against unregistered investment platforms
Currency traders lose millions as Naira gradually recovers
INVESTIGATION: How roadside foods endanger consumers’ life with trans fat in northern Nigeria
INVESTIGATION: Untold story of Ondo oil producing communities battling poor health system
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
FACT-CHECK: How true are claims by PDP guber candidate, Jandor, on Lagos debt profile?
FACT-CHECK: Atiku claims public servants are free to engage in private businesses. True or false?
FACT-CHECK: Is this crowd from PDP mega rally in Osun?
FACT-CHECK: Did the UK govt arrest Senate delegates who visited Ekweremadu in prison?
FACT CHECK: Did 14 infants die in Port Harcourt Teaching Hospital due to power outage
Oborududu, Adekuoroye clinch gold medals at Commonwealth Games
Premier League: Arsenal beat Palace 2-0 in season opener
Super Falcons remain No.1 in Africa but drop seven places in world ranking
SportsBusiness: Nigerian govt splashes N10.4m on medal winners at Commonwealth Games
C’Wealth Games: Nwachukwu, Oluwafemiayo break world records to win gold in Discus, Powerlifting
Nigeria’s energy-tech company, Beacon Power, closes $2.7m round. 2 other stories and a trivia
African Epione Health Villages to promote mental health therapy. 2 other stories and a trivia
Egypt’s Homzmart secures $23m pre-Series B funding. 1 other story and a trivia
Lagos–based identity verification startup, Youverify, secures $1m seed funding. 2 other stories and a trivia
Lagos-based VC firm, Oui Capital, closes $30m round. 1 other stories and a trivia
Naira continues recovery at black market after big fall
Naira drops at official, black markets
Naira kicks off August with appreciation across all markets
Naira depreciation continues at unofficial market as BDCs tell CBN what to do
Naira depreciates to N718 at black market, CBN blames NNPC
The United Kingdom (UK) is preparing for a recession next year after the Bank of England projected that the economy would shrink for five consecutive quarters.
It was gathered that the economy will first contract in the fourth quarter of 2022, at a period the Bank of England estimates inflation will rise to 13%, from its present level of 9.4%.
According to the governor of the bank, Andrew Bailey, on Thursday, the soaring inflation will push the UK economy into recession in 2023, and to tame the rate, the country would increase the interest rate to raise borrowing cost.
“The main way we can bring inflation down is to increase interest rates. Higher interest rates make it more expensive for people to borrow money and encourage them to save.” Bailey said.
“That means that, overall, they will tend to spend less. If people on the whole spend less on goods and services, prices will tend to rise more slowly. That lowers the rate of inflation.” The Bank of England governor asserted.
Read also: Ekweremadu to remain in custody till Oct 31 as judge adjourns case
The bank disclosed that it plans to bring inflation down to 2% by raising interest from 1.25% to 1.75%, as rising cost of living affects the lives of the citizens. He explained that the increased rate will compel companies will reduce prices, as consumer spending will decline when cost of borrowing hike prices of goods and services.
“I recognise the significant impact this will have and how difficult the cost-of-living challenge will continue to be for many people in the United Kingdom.
“Inflation hits the least well-off hardest. But if we don’t act now to prevent inflation from becoming persistent, the consequences later will be worse and will require larger increases in interest rates.”
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Currency traders lose millions as Naira gradually recovers
Nigerian minister blames COVID-19, Russia/Ukraine war for rising food prices, excludes insecurity
JUST IN: UK police arrest Ekweremadu, wife for alleged organ harvesting
UK approves US request for extradition of WikiLeaks founder, Julian Assange
Nigeria’s Topship secures $2.5m fund to support African businesses. 2 other stories and a trivia
Reports on classification of IPOB as terror group inaccurate – British govt
UK to relocate asylum seekers from Nigeria, others to Rwanda
UK condemns Russian troops for killing Ukrainian civilians while retreating
Your email address will not be published.
With an estimated 854,000 deaths in Nigeria, and 3,229 attributed to trans fatty acids (TFA) -related cardiovascular deaths, ADESOLA IKULAJOLU visited Nigeria’s…
Access to quality healthcare is one of the nightmares of communities in Ilaje local government area of Ondo State. Despite…
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look…
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting…
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how…
Copyright © 2021 Ripples Nigeria. All rights reserved.