Turkey’s President Recep Erdogan has sacked the Central Bank Governor Naci Agbal for raising interest rates to check inflation and to support the lira.
Agbal, a former Finance Minister, was removed on Saturday, about four months into his term of four years.
He had the benchmark interest rate by a cumulative 875bp to 19 per cent, a move he explained would help the lira recover.
But the decision was contrary to Erdogan’s belief that higher interest rates fuel inflation. The President insists that credit stay cheap to boost economic growth.
Erdogan has tapped Sahap Kavcioglu as a replacement. The Professor of Banking was a lawmaker on the ruling Justice and Development Party.
The Court of Appeal in Makurdi, Benue State, on Thursday dismissed an appeal filed by…
Big Brother Naija Season 7 winner, Josephine Ijeoma Otabor, also known as Phyna, has publicly…
Nigerian singer Yemi Alade has criticized prominent media outlets Cool FM and Clout Africa, accusing…
Senator Adamu Aliero, representing Kebbi Central, has announced that the Nigerian military successfully expelled the…
The Supreme Court has struck down the National Lottery Act of 2005, ruling that the…
As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…