The Nation October 11, 2011

Page 1

Nigeria’s widest circulating newspaper

NAFDAC, others sacked from port

Akala, Daniel, Doma for trial today NEWS – Page 4

BUSINESS – Page 11

•NPA to enforce directive

•EFCC detains Goje in Abuja

www.thenationonlineng.net

TR UTH IN DEFENCE OF FREEDOM TRUTH

VOL. 7, NO. 1910 TUESDAY, OCTOBER 11, 2011

CBN raises interest rate to 12%

N150.00

PEACE RALLY FOR LIBERIA’S POLL

By Ayodele Aminu and Nduka Chiejina

T

O strengthen the naira, the Central Bank of Nigeria (CBN) yesterday raised the interest rate by 275 basis points from 9.25 to 12 per cent. It was the highest increase since the introduction of the Monetary Policy Rate (MPR) in 2007. The hike followed a special meeting of the Monetary Policy Committee (MPC) on the dwindling naira in Abuja. Rising from the meeting, the CBN also doubled banks’ Cash Reserve Ratio (CRR) from four to eight per cent effective from today. It also reduced the net open positions banks can hold as reserves to 1 percent of shareholders funds, from 5 per cent with immediate effect and with full compliance by Friday. MPC members also “agreed that the reserve averaging method of computation be suspended in favour of daily maintenance until further notice.” These measures are expected to reduce the quantity of naira in the system and free up dollar supply. The MPR, which was raised for the sixth time this year, is the nominal

•Liberian youths in a peace march in Monrovia ahead of today’s presidential election first round ... yesterday. Story on page 56.

PHOTO: AFP

Continued on page 4

Lemu Panel indicts Buhari over post-election violence It’s PDP’s game plan to paint CPC black, says spokesman

C

ONGRESS for Progressive Change (CPC) presidential candidate Gen. Muhammadu Buhari yesterday came under the hammer over the post-election violence in some parts of the country. The Sheikh Ahmed Lemu Panel said Buhari’s utterances contributed partly to

We must issue white paper; heavens will not fall. Until government has the political will ... to do what is right ... the culture of impunity will continue – Jonathan From Vincent Ikuomola, Abuja

the violence that erupted in the North in which scores died. “Provocative utterances by many individuals and the widespread charge by prominent politicians including the CPC presidential candidate to the electorate ‘to guard their votes’ appeared to have

WHO SAID WHAT Provocative utterances by ... CPC presidential candidate ... appeared to have been miscontrued by many voters to include recourse to violence which they did. – Panel

been miscontrued by many voters to include recourse to violence which they did. “However, a long interactive session was held between the CPC presidential candidate and a five-member delegation of the panel, led by the chairman, in the office of the CPC presidential candidate in Kaduna on September 14, 2011. It was discov-

If the panel has made any indictment, they are insensitive to the agony of Nigerians. When we see the report, we will take it up ... It is an unfortunate comment ... – Bakare

ered that the he himself was a victim of the violence and of the destruction of his property, the photographs of which were given to the said delegation,” the panel said in its report submitted to President Goodluck Jonathan in Abuja yesterday. Reacting, Buhari’s running mate, Pastor Tunde Bakare, accused the panel of being

“insensitive”. Bakare said: “It is an unfortunate comment and if anybody says that, he is insensitive.” He said similar unguarded statements motivated CPC to sue presidential spokesman Dr Rueben Abati. “Abati has been sued for Continued on page 4

•Buhari

•SENATOR, CONTRACTOR ARRESTED OVER ALLEGED N25B FRAUD P58


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