Rising Inflation, Forex Volatility are Key Issues as MPC Meets Tomorrow Kunle Aderinokun Rising inflation, foreign exchange volatility, and stunted economic growth are key issues that will be discussed at the meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), which begins tomorrow, analysts have said.
Tomorrow’s meeting of the MPC, the second this year, is coming at a time when oil prices are hovering around $43 per barrel, with inflation figures for February put at 11.4 per cent year-on-year - an increase from the 9.6 per cent it stood in January – and a yawning gap between the official and parallel
foreign exchange market rates. The MPC had at its last (January) meeting in Abuja, decided to retain the Monetary Policy Rate(MPR) at 11.0 per cent; cash reserve ratio (CRR) at 20.0 per cent; liquidity Ratio at 30 per cent; and the asymmetric corridor at +200 basis points and -700 basis points.
With the crisis in the international oil market cascading to the domestic arena which saw crude oil prices oscillating below or slightly above the $38 budget benchmark, the oil sector, still the mainstay and major income earner to the economy, has recorded a sub-optimal outing
and the economy has therefore witnessed a gross domestic product (GDP) growth rate of 2.11 per cent in the fourth quarter of 2015, having slowed from the 2.8 per cent of the previous quarter. The National Bureau of Statistics, which released the figures recently pointed out
that the fourth quarter GDP was lower by 0.73 percentage points from growth recorded in the preceding quarter and also lower by 3.83 percentage points from growth recorded in the corresponding quarter of 2014. Continued on page 7
How Herdsmen Murdered 7 Villagers in Buruku ... Page 9
Sunday 20 March, 2016 Vol 21. No 7634
N300
www.thisdaylive.com TR
UT H
& RE A S O
N
INEC Suspends Election in 6 LGAs, as 6 Die in Rivers State Re-run Poll Military arrest Wike's aide, governor chides commission over poor preparation
Ernest Chinwo, Segun James and Shola Oyeyipo in Port Harcourt Due to violence and the prevention of electoral officials from distributing election materials, the Independent National Electoral Commission (INEC) yesterday suspended elections in six local government
areas in the Rivers State re-run elections. This came as at least six persons were killed in election violence in three local government areas. The state governor, Nyesom Wike, also chided INEC for shoddy arrangements that led to late kick-off of voting in most centres, just as the Peoples
Democratic Party (PDP) alleged the arrest of Secretary to State Government, Kenneth Kobani, and the Special Adviser to the Governor on Special Projects, Cyril Dum Wite by soldiers at Kpor and Bori in Gokana and Khana Local Government Areas respectively. The areas where INEC suspended elections are Eleme,
Khana, Gokana, Andoni, Bonny and Tai. Apart from Bonny, the remaining areas are in Rivers South East Senatorial District where Senators Magnus Abe of the All Progressives Congress (APC) and Olaka Nwogu of PDP are locked in fierce contest for the senatorial seat. Speaking to journalists in Port Harcourt yesterday in the course
of the elections, Rivers State Resident Electoral Commissioner (REC), Aniedi Ikoiwak, said the commission was forced to suspend elections in the affected areas because interested parties prevented its officials from distributing election materials and also because of violence in the areas. His words: “Actually, we
had deployed, as we told Nigerians, from Thursday and I did mention it clearly that if by act of commission or omission, we are not allowed to occupy the Registration Area Centres (RACs), we cannot actually guarantee that we can deliver 100 per cent. Continued on page 7
Again, APC Shifts BoT Inauguration, NEC to Meet This Week
Why Atiku withdrew from BoT contest Onyebuchi Ezigbo in Abuja
The All Progressives Congress (APC) has again postponed the formal meeting of members of the Board of Trustees (BoT) earlier scheduled for Tuesday, March 22 to Thursday, March 31. The National Secretary of the APC, Alhaji Mai Mala Buni, who confirmed the new date to THISDAY late yesterday evening, however, assured that the meeting of the National Executive Committee of the party would Continued on page 7
A
ANOTHER FEATHER ON HIS CAP
L-R: Sultan of Sokoto, Alhaji Muhammed Sa'ad Abubakar III; Asiwaju Bola Ahmed Tinubu; Ooni of Ife, Oba Adeyeye Ogunwusi (Ojaja II); and his Olori, Wuraola, during the conferment of honorary Doctor of Business Administration on Tinubu at the Usmanu Danfodiyo University, Sokoto ...yesterday
WEEKLY PULL-OUT
OKE MADUEWESI
THE WOMAN BEHIND ZARON
20.03.2016