CBN retains benchmark interest rate at 11.5%, says it will aid economic growth – Newstrends
Connect with us

News

CBN retains benchmark interest rate at 11.5%, says it will aid economic growth

Published

on

The monetary policy committee of the Central Bank of Nigeria (CBN) has announced its decision to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.

Addressing journalists on Friday after the committee’s two-day meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the committee applauded the fifth decreased in inflation in the month of August 2021.

According to Emefiele, the committee unanimously voted to maintain the key lending rate at 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR.

The CBN MPC noted that holding stance would allow current recovery in output and decline inflation continue.

It urged the fiscal authority not to relent in its infrastructure initiatives, including diaspora bonds to increase investment in critical infrastructure.

On Wednesday, the National Bureau of Statistics (NBS) said the consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the fifth consecutive time to 17.01 percent in August from 17.38 recorded in July.

This rate is 0.37 percent points lower than 17.38 percent recorded last month.

Since March 2021, Nigeria’s inflation rate has been on downward trends as the Central Bank of Nigeria (CBN) projected it may drop to 13 percent this year and a single-digit rate by 2022.

On exchange rates, Emefiele said the committee also applauded the banks on meeting forex demands and that all demands must be necessarily conducted at the Importer and Exporter (I&E) window to ensure stability.

He said operators must adhere to stipulated guidelines as the apex bank strive to eliminate illegal fx dealers in the country.

 

Advertisement

News

Nigerian varsity VC suspended over alleged gross misconduct

Published

on

Suspended Vice-Chancellor Augustine Angba

Nigerian varsity VC suspended over alleged gross misconduct

In an unexpected turn of events, the Governing Council of the University of Cross River State (UNICROSS) has suspended Vice-Chancellor Augustine Angba on allegations of severe misconduct.

The decision was reached at a meeting of the Governing Council on Monday, May 6, 2024, where they resolved to release Angba of his duties with immediate effect.

The council has nominated Professor Stephen Oshang of the Faculty of Agriculture to serve as the interim Vice-Chancellor until further notice.

UNICROSS

The suspension comes on the heels of a vote-of-no-confidence passed by some staff members of the university on January 17, 2024.

READ ALSO:

The staff, who were protesting the non-payment of five months’ salary arrears, had carried placards with slogans like “This Management and the VC must go” and “We don’t want them any longer.”

Angba had previously criticized the staff unions, claiming that four members had hijacked the union and incited others to protest on the streets.

However, the Governing Council’s decision suggests that they found merit in the allegations against the embattled Vice-Chancellor.

Despite several attempts, Vanguard efforts to reach the university’s spokesperson, Mr. Onen Onen, for comments on the matter were unsuccessful, as his phone line was not answered at the time of filing this report.

Similarly, Professor Angba’s phone line was busy when contacted.

Nigerian varsity VC suspended over alleged gross misconduct

(Vanguard)

Continue Reading

News

Lagos to experience morning, afternoon thunderstorms for 3 days

Published

on

thunderstorms 

Lagos to experience morning, afternoon thunderstorms for 3 days

NiMet’s weather outlook released on Sunday in Abuja forecasts sunny and hazy conditions on Monday over parts of Yobe, Jigawa, Kano and Katsina states throughout the forecast period with chances of morning thunderstorms over parts of Taraba state.

Continue Reading

News

Your position on state police unacceptable, Lagos Assembly tells IGP

Published

on

Inspector-General of Police (IGP), Olukayode Egbetokun

Your position on state police unacceptable, Lagos Assembly tells IGP

The Lagos State House of Assembly has kicked against the position of the Inspector-General of Police, IGP, Olukayode Egbetokun, that Nigeria is not ripe for the establishment of state police.

Speaker of the House, Mudashiru Obasa, directed the Clerk of the House, Olalekan Onafeko, to write the Inspector-General and the National Assembly stating that the state lawmakers reject Egbetokun’s position.

Recall that the IGP, represented at a recently held one-day dialogue on state policing, themed, ‘Pathways to Peace: Reimagining Policing in Nigeria,’ opposed the establishment of state police, arguing that it would increase ethnic tension and cause divided loyalty in states of the federation.

The IGP also suggested that the Federal Road Safety Corps and the Nigeria Security and Civil Defence Corps be merged with the police force.

However, speaking at plenary on Monday, Obasa, who noted that the FRSC and the NSCDC have not been able to solve the problems of accidents on roads and pipeline vandalism respectively, wondered how effective they would be if they are merged with the police force.

“In Lagos State, we have the Security Trust Fund through which successive administrations starting from that of Asiwaju Bola Ahmed Tinubu have provided enormous support to the police command in Lagos State. Yet, crime of different dimensions has continued.

READ ALSO:

“This shows that no matter what Egbetokun has proffered as solution, such won’t solve our problem. The position of the IGP is unacceptable.

“We strongly believe that if we have state police, we would be able to solve the issues of crime in our nation or reduce it to the minimum.

“As we have seen in other climes, the United Kingdom has different levels of policing just like the United States of America. So why should ours be different?

“The lives of our people are very important and we must do everything possible to make sure we protect lives and property. We want to state categorically that we believe in state police and we want to urge the National Assembly to continue with its intendment to establish state police through the process of constitutional amendment,” Obasa said while praising President Tinubu for his resolve to end insecurity in the country.

Commending the Speaker for his stand on the issue of state police, the lawmaker representing Badagry Constituency 1, argued that with its current structure, it would be difficult for the Nigeria Police Force to effectively secure the country.

Also declaring his support for state police, another lawmaker, Hon. Sa’ad Olumoh (Ajeromi/Ifelodun 1), said each Nigerian state currently has a local security outfit in the semblance of state police.

“Today, which state does not have state police one way or the other? This is a cause that should be supported. For the IG to come out and say state police is not in the interest of Nigeria shows he is not considering the reality of insecurity on Nigerians,” he said.

Your position on state police unacceptable, Lagos Assembly tells IGP

Continue Reading

Trending

Skip to content