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Nigeria’s Inflation Rate Rises To 33.69% In April Amid Worsening Hardship

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Nigeria’s inflation surged to 33.69 per cent in April from 33.20 per cent in March, amid worsening economic hardship in the country.

The National Bureau of Statistics, NBS, disclosed this in its latest consumer price index and inflation report released on Wednesday.

The figure showed that Nigeria’s inflation continued to jump since the commencement of President Bola Ahmed Tinubu’s administration in May last year.


The country’s inflation rose in April to 33.69 per cent from 22.41 per cent in May last year.

In January 2024, headline inflation was 29.9 per cent, 31.70 per cent in February, and 33.20 per cent in March.

On a month-on-month basis the country’s inflation rose to by 0.49 per cent.

The Central Bank of Nigeria, CBN, governor, Olayemi Cardoso, recently said the apex bank’s Monetary Policy Committee would do everything to bring down the country’s rising inflation rate.

Cardoso stressed that the MPC will continue to raise interest rates, which stood at 24.75 per cent in March, to bring down inflation.

Meanwhile, the MPC meeting will be held next week, May 20 and 21, 2024.

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US court suspends Biden’s immigration policy for citizens’ spouses

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IA court in Texas has ordered a temporary pause on a policy that restricts the process for spouses of US citizens to obtain legal status in the country.


This new development serves as a big blow to one of US President Joe Biden’s biggest immigration reform policies.

Judge Campbell Barker granted a 14-day administrative stay in a case brought by the Republican attorneys general of 16 US states challenging the Biden administration’s policy.


Recallthat in June, Biden announced the new policy, which streamlined a pathway to citizenship for an estimated half a million immigrants married to US nationals.

According to the 16 states, they claim that the policy is costing them millions of dollars in public services — including healthcare, education and law enforcement — used by the immigrants.

The new rules would streamline the process for those who already qualify for permanent residence by removing a requirement that they leave the country as part of the application process.


This is applicable to those in the country for at least 10 years and married to a US citizen before June 17, 2024, and also applied to an estimated 50,000 stepchildren of US citizens.

Those approved would be granted work authorization and the right to stay in the United States for up to three years while they apply for a green card, which is a pathway to full citizenshipm

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Access Bank unveils Switch-To-Solar campaign

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Access Bank, Nigeria’s largest bank by assets, has unveiled its ‘Switch to Solar by Access’ campaign to offer affordable financing opportunities to businesses and customers to adopt a cleaner and more reliable source of electricity through solar photovoltaic (PV) and batteries.

Unveiling the campaign, Group Head, Consumer Banking, Njideka Esomeju said, “In alignment with our commitment to social responsibility and sustainable development, Access Bank Retail banking aims to promote cleaner energy solutions within our communities.

“Recognizing the critical role that renewable energy plays in reducing carbon footprints and fostering environmental sustainability, we are launching a targeted initiative to facilitate the acquisition of solar power products through flexible financing options with the Switch to solar product.


L-R: Abiodun Olubitan, Head, Women Banking; Gbenga Sheriff, Head, Risk Management, Environmental and Social Risk; Njideka Esomeju, Head, Consumer Banking; Bolarinwa Animashaun, Regional Sales Director, Lagos 2; Thelma Luck-Nwoye, Head, Consumer Assets; and Echezona Ezeuko, Regional Manager, Branch banking, Lagos 2, during the launch.

“We launched the initiative, which ensures that each household can have solar energy, first of all, to reduce costs for them, provide clearer energy and the product will be financed by the bank.”

She stated that in ensuring this, the bank is in collaboration with credited vendors across the country that are selling solar products. “We are collaborating with them to ensure that these are gotten at a good rate. We aim to ensure that all households, commercial businesses and industrial factories are powered by solar.”

Regional Sales Director, Access Bank, Bolarinwa Animashaun said the switch-to-solar was born based on engagement with customers of the bank. “We needed to assist them to provide alternative ways to power their operations. We all know the cost of the tariff of electricity,” he said.

The official said being a global brand, the bank is contributing to the Economic, Social and Governance (ESG) seventh goal that was adopted by the United Nations. The solar product can be acquired without pressure to customers and payment can be made over a period of 48 months.

Group Head, W Initiative, Access Bank, Abiodun Olubitan noted that the financial institution is considering women and women-led businesses in accessing the product. She added that the bank’s commitment towards gender empowerment is to inspire, connect and empower women.

“The product will be given to women at a discounted interest rate as this will enable them to run their businesses on any scale that they want.

“We are trying to ensure that this product is also positioned to women’s reach. The beauty of it is that we are not just ensuring that we have a clean environment, this is also our way of empowering women.”

Olubitan stated one of the major target markets for switch-to-solar is underserved, saying that this population is probably 60 per cent of women.

Head, Consumer Lending, Access bank , Thelma Luke Nwoye said the objective of the campaign was to “to take this awareness in collaboration with our partners to the doorstep of every community around us, one individual at a time and one cluster at a time.”

“We also plan to educate people about the benefit of solar energy and its impact on environmental sustainability. We will finance the entire solar products, right from panels, inverters, batteries and installation.”

She added that the campaign was very important because it speaks to sustainability, social impact and providing finance for individuals or customers where they can purchase and pay over a period of 12 months to 48 months.

Switch to Solar by Access campaign will enable businesses to access up to N50 million and individuals N10 million for the financing of Solar Photovoltaic (PV), Batteries & inverters along with installation.

There is also a competitive interest rate, flexible repayment period of up to 48 months and as low as 10 per cent equity contribution on invoice value.

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UBA Ranked Most Visited Banking Website in Nigeria Ahead of GTB, Zenith, Others

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The United Bank for Africa has been named the most visited banking website in Nigeria, as it received 2.36 million visits in June.

According to the data published by Semrush recently, titled, ‘Top websites in Nigeria (Banking Industry)’.

In recent years, Nigerian financial institutions have increased their investment in technology and boosted their digital channels and offerings which their customers have been embracing.

Following UBA on the ranking is payment platform, Paystack, which recorded 2.23 million visits. With 1.25 million visitors, Guaranty Trust Bank came in third.

Others include Zenith Bank (1.17 million), Access Bank (1.15 million), wise.com (950, 250) First Bank (855,360), xe.com (817,150), Providus Bank (713,760) and Mastercard.com (400,100).

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