CBN Retains MPR at 13.5%, to Enhance COVID-19 Interventions
Predicts economic recession, unveils guidelines for N50bn pandemic facility House passes economic stimulus bill
James Emejo, Adedayo Akinwale in Abuja and Nume Ekeghe in Lagos The Central Bank of Nigeria (CBN) yesterday resolved to allow its interventions on
COVID-19 to permeate the economy and retained the Monetary Policy Rate (MPR), otherwise known as interest rate at 13.5 per cent. The apex bank also left both the Cash Reserve Ratio (CRR)
and Liquidity Ratio unchanged at 27.5 per cent and 30 per cent respectively. The MPR is the rate at which the CBN lends to commercial banks and often determines the cost of borrowing in the
economy. CBN Governor, Mr. Godwin Emefiele, who read the communique at the end of the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, said the
decision to keep all monetary policy tools unchanged was to allow previously announced interventions “time to permeate the economy and allow pandemic to wear out itself.”
The CBN last week had announced its decision to increase its intervention to boost local manufacturing and import substitution with the injection of an additional N1.1 Continued on page 46
W’Bank Wants Debt Repayments by ‘Poor Countries’ Suspended...
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TODAY'S WEATHER
ABUJA 25°C-33°C
MAIDUGURI 31°C-31°C
UT H
& RE A S O
ENUGU 25°C-28°C
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KANO 27°C-33°C
LAGOS 24C-27°C
PORT HARCOURT 20°C-30°C
Osinbajo, Ministers Self-isolate as Kyari, Mohammed Test Positive Buhari not infected COVID-19 tally rises to 44, spreads to sixth state Relief as ventilators, test kits arrive Nigeria Sanwo-Olu closes non-essential markets, banks National Assembly shuts down NNPC tells staff to work from home Our Correspondents Vice President Yemi Osinbajo, some ministers, senior government officials, and top business executives who recently had contact with President Muhammadu Buhari’s Chief of Staff, Malam Continued on page 46
Buhari Laments Soldiers’ Death
Omololu Ogunmade and Kingsley Nwezeh in Abuja
President Muhammadu Buhari last night expressed “profound grief and sorrow’’ over the killing of soldiers in an ambush Continued on page 46
THE FEAR OF COVID-19... Vice President Yemi Osinbajo (right) operates from home office, Aguda House, State House, Abuja…yesterday
EFCC Vows to Block Alleged Attempt to Defraud Nigeria of £2.5bn... Page 12