CBN raises interest rate to boost naira, tackles inflation Abdulwahab Isa Abuja
T
o strengthen the naira and attract more investment into the country, the Central Bank
of Nigeria (CBN) yesterday raised its benchmark interest rate (Monetary Policy Rate, MPR) by 200 basis points – from 12 per cent to
14 per cent. It, however, retained both Cash Reserves Requirement (CRR) and liquidity ratio at 22.50 per
cent and 30.00 per cent respectively. The CBN governor, Mr. Godwin Emefiele, disclosed these at the end of the Mon-
etary Policy Committee (MPC) meeting in Abuja. The MPR is the interest rate at which the banking watchdog lends to commer-
World Bank raises crude oil forecast to $43 per barrel }2
cial banks, while the CRR is the proportion of banks’ total deposits held in cash balance with the CBN. Essentially, the implication of this development CONTINUED ON PAGE 4
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Bells University pledges support for New Telegraph }5
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Zaria clash: Commission indicts Zakzaky, army }3
Zakzaky
N150
FG pulls out of Keshi's burial }45
Keshi
Budget padding:
Reps open can of worms
Committee chair inflated 2016 budget by N250bn Lawmaker allocated N250m project to favour wife Jibrin: Dogara, Lasun, principal officers are corrupt }2 N284bn N40bn N30bn N20bn N4.1bn N3bn N250m
= Cost of 2000 projects inserted by 10 committee chairmen
Buhari flags off new Abuja-Kaduna railway }4
= Allocated for principal officers of the House of Representatives = Written personal requests of the Speaker
= Cost of projects for Speaker Dogara
= Cost of projects committee chair allocated to his constituency
= Amount inserted for film village
= Value of project allocated to favour lawmaker’s wife
One of the coaches
L-R: Minister of State for Aviation, Senator Hadi Sirika; Minister of Transportation, Mr. Rotimi Amaechi and President Muhammadu Buhari, at the flag off of commercial service on the Abuja-Kaduna railway line...yesterday.
Soldiers, police battle militants in Lagos lThree killed, two injured in Yoruba-Hausa clash
}8 & 9
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