WEDNESDAY 23TH SEPTEMBER 2020

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Desirous of Spurring Lending, CBN Cuts MPR to 11.5% To contribute N1.8tn economic plan Obinna Chima, Nume Ekeghe in Lagos and James Emejo in Abuja In a surprise move yesterday, the Central Bank of Nigeria’s (CBN) Monetary Policy

Committee (MPC) resolved to reduce the Monetary Policy Rate (MPR) by 100 basis points to 11.5 per cent from 12.5 per cent. The move is expected to encourage more bank lending

in order to stimulate economic activities. The MPR is the rate which the apex bank lends to commercial banks and often determines the cost of funds. However, the MPC adjusted

the asymmetric corridor to +100/-700 basis points around the MPR from +200/-500 basis points, retained the Cash Reserve Ratio (CRR) at 27.5 per cent as well as the Liquidity Ratio at 30 per cent.

Addressing journalists at the two-day meeting of the Monetary Policy Committee (MPC) in Abuja, the CBN Governor, Mr. Godwin Emefiele, said six members of the committee voted to reduce

the MPR by 100 basis points, while one member voted to slash it by 50.0 basis points as well as three members who voted to hold the rate at the Continued on page 9

Kyari: Unstable Fiscal Regime Stifling Nigeria's Petroleum Industry...Page 8 Wednesday 23 September, 2020 Vol 25. No 9298. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

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ENUGU 25°C-28°C

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KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

Tinubu, Oshiomhole are Extra-Constitutional Players, Danger to Democracy, Says Obaseki Extends olive branch to Ize-Iyamu Dismisses suspected plan to return to APC Uche Nnaike in Lagos and Udora Orizu in Abuja Still basking in the euphoria of his last Saturday’s victory in the Edo State governorship election, Governor Godwin Obaseki yesterday came out smoking, dismissing the National Leader of the All Progressives Congress (APC), Senator Bola Tinubu, and the party’s former National Chairman, Mr.

Adams Oshiomhole, as extra-constitutional players in the polity. He warned that if their activities remain unchecked, they would become a danger to the development of democracy in the country. ''For us the challenge with people like Oshiomhole, Tinubu and others is that they pose a great danger to Continued on page 10

Critics of Water Bill Ill-informed, FG Insists It’s provocative, says Ijaw group

Olawale Ajimotokan in Abuja and Ernest Chinwo in Port Harcourt The federal government has described those opposed to the controversial National Water Resources Bill 2020 as ill-informed, insisting that the bill, which is already before the National Assembly is an amalgamation of water resources laws that had been

in existence for a long time. But the Ijaw Nations Development Group (INDG) has said the re-introduction of the bill to the National Assembly is provocative and distortion of Nigeria’s federalism. The Minister of Information and Culture, Alhaji Lai Mohammed, made the Continued on page 9

VICTORY SO SWEET… National Commissioner, Independent National Electoral Commission, Mrs. May Agbamuche-Mbu (left), and Edo State Governor, Mr. Godwin Obaseki, during the presentation of the certificate of return to Obaseki for his victory at last Saturday’s Edo State governorship poll in Benin…yesterday

No Going Back on Strike, Protest, Labour Insists...Page 5


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WEDNESDAY 23TH SEPTEMBER 2020 by THISDAY Newspapers Ltd - Issuu