To Spur Economic Growth, CBN Cuts Interest Rate to 13.5% Obinna Chima in Lagos and James Emejo in Abuja After keeping the benchmark Monetary Policy Rate (MPR) unchanged for 33 months, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) caught
analysts and investors off-guard yesterday as it announced a reduction in the MPR from 14 per cent to 13.5 per cent. The CBN hinged its decision on the need to boost economic growth. The MPR is the baseline for
interest rate in the economy. CBN Governor, Mr. Godwin Emefiele, announced the MPC decision at the end of a two-day meeting in Abuja. The committee, however, retained the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per
cent. Emefiele pointed out that the rate cut does not necessarily indicate an end to the monetary tightening cycle. Emefiele said banks would be expected to adjust to the loosening in MPR so that its
positive impact could be felt by customers. He also said the reduction in MPR had a “reasonable” correlation to lending to the real sectors of the economy. The CBN governor said: “Now, having been on this path, particularly the MPR
at 14 per cent since July 2016, and with the relative stability we have seen in the macroeconomic variables over the last two and a half years, we just think that this should be the next phase where we Continued on page 8
Zamfara: INEC Suspends Certificates Presentation to Gov, Assembly Members-elect... Page 6 Wednesday 27 March, 2019 Vol 24. No 8752. Price: N250
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Trouble Looms as Ndume Opposes Lawan’s Adoption as Senate President
APC threatens disciplinary action against former Senate leader PDPCaucus: Leave Saraki out of your jostle, says N’Assembly leadership open to all legislators
Deji Elumoye, Onyebuchi Ezigbo and Adedayo Akinwale in Abuja The ruling All Progressives Congress (APC) may face a major crisis in the election of the leadership of the ninth National Assembly as one of
the aspirants for the office of the Senate President, Senator Ali Ndume, yesterday faulted the adoption of the Senate Leader, Senator Ahmad Lawan, by the party leadership. On its part, the Peoples Democratic Party (PDP) Senate Continued on page 6
Adamawa Supplementary Election Holds Tomorrow APC rejects extra poll date Daji Sani in Yola Following the nod given by the Adamawa State High Court yesterday to the Independent National Electoral Commission (INEC) to proceed with the supplementary governorship election in the state, the commission has fixed tomorrow for the poll. The Resident Electoral Commissioner (REC), Alhaji Kassim Gaidam, announced
this yesterday during a chat with newsmen at the INEC state office in Yola. He said the decision was taken after due consultation with the INEC headquarters in Abuja. He said efforts were being made with the various security agencies to ensure that the violence, which characterised supplementary election in Continued on page 8
IG Laments Poor Police Funding… Page 8
THE ANOINTED ONE… L-R: Secretary to the Government of the Federation, Mr. Boss Mustapha; Senate Leader, Senator Ahmad Lawan; National Chairman, All Progressives Congress, Mr. Adams Oshiomhole; and President Muhammadu Buhari, during a presidential dinner with returning and newly elected APC senators at the Presidential Banquet Hall, Abuja… Monday