To Stem Inflation, CBN Increases Cash Reserve Ratio By 5% Emefiele: Rise won't impede credit flow to real sector
James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday resolved to raise the Cash Reserve Ratio (CRR) of deposit money banks (DMBs) by 500 basis points to
27.5 per cent from the current 22.5 per cent, as a response to the growing threat of inflation to the economy. It also decided to leave the Monetary Policy Rate (MPR), otherwise known as interest
rate, unchanged at 13.5 per cent as well as the Liquidity Ratio at 30 per cent. The CBN Governor, Mr. Godwin Emefiele said the increase was justified considering the magnitude
of excess liquidity expected in the system following the anticipated effect of the Value Added Tax (VAT) which was recently increased by the federal government from 5 per cent to 7.5 per cent and
which takes effect by February 2020. He further expressed concern that the pending maturing security bills could all together add as much as N12 trillion to existing liquidity
in the system. Addressing journalists at the end of the two-day meeting of its Monetary Policy Committee (MPC), in Continued on page 5
Ile Arugbo: Kwara Govt, Saraki Family Explore Out of Court Settlement‌Page 6 Saturday 25 January, 2020 Vol 25. No 9056
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Akeredolu: South-west Govs Set to Meet President over Amotekun Region’s Speakers meet in Ibadan, pledge legislative support Iyobosa Uwugiaren in Abuja Ondo State Governor, Rotimi Akerodolu, yesterday disclosed that governors of the South-west are set to meet with President Muhammadu
Buhari over the region’s security outfit, code-named Amotekun, which has been generating controversy. On the same day, the Speakers of Houses of Assembly in the South-West
met in Ibadan, Oyo State, and pledged to provide legislative support to the security outfit. Akerodolu, who is also the Chairman of the South-west Governors Forum, spoke with journalists at the Ondo State
Governor Lodge, Asokoro, Abuja. He dismissed the fear that Amotekun was created to rival the nation’s security agencies. Akeredolu said a meeting was earlier scheduled with
Buhari, but had to be postponed, because of the president’s trip to the United Kingdom. “We will discuss with him when we have the opportunity. I can tell you our letter was to
see the President, but he said he was going to be in England and that we should meet with the Vice President until he returns. But by the time the Continued on page 5
Military Capable of Winning War against Boko Haram, Buhari Insists Sends Boss Mustapha to Adamawa, to condole with Christians over murder of clerics by terrorists Omololu Ogunmade in Abuja and Daji Sani in Yola Despite unending attacks, President Muhammadu Buhari yesterday insisted that, with a 30-month civil war experience, the Nigerian military is capable of winning the war against Boko Haram and competent to manage the crisis in the entire North-east. He stated this while receiving the European Union Commissioner for Humanitarian and Crisis Management, Janez Lenarcic, in the State House, Abuja. The President’s assertion came less than 24 hours after Boko Haram killed five people and abducted several others in Dikwa, Borno State. On the
same day, Buhari sent the Secretary to the Government of the Federation, Boss Mustapha, to Adamawa, to condole with its Christian community over the killing of two clergymen last Monday by terrorists. The President said: “If we were capable of fighting a 30-month civil war and reorganised our country, I wonder why people are thinking that Nigeria cannot do it. “We have the experience of the civil war. I could recall the role of the military, the army; each commander had in his pocket how to behave himself, and how to allow international bodies like yourself to go round and see that people are treated Continued on page 5
GOOD TO SEE YOU IN LONDON... L-R: Deputy Mayor of London for Business, Rajesh Agrawal; Lagos State Governor, Babajide Sanwo-Olu; Mayor of London, Sadiq Khan and Deputy Mayor for Culture and the Creative Industries, Justine Simons, during the governor’s visit to the Mayor in London ...yesterday
CAN Declares 3-Day National Fasting over Insecurity‌Page 16
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