CBN raises MPR to 14%, retains CRR at 22.50%

As part of efforts to curb inflation and stimulate growth in the economy, the Central Bank of Nigeria (CBN), yesterday, increased its Monetary Policy Rate (MPR)  by 200 basis points to 14 per cent from 12 per cent while it  retained the Cash Reserve Ratio (CRR) at 22.50 per cent and liquidity ratio at 30 per cent. Similarly, it retained  the asymmetric window at +200 and -500 points around the MPR.
Speaking after the Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor, Mr Godwin Emefiele, noted that in taking these decisions, the committee, recognised the weak macroeconomic environment, as reflected particularly in increasing inflationary pressure and contraction in real output growth.

How technology’ll improve security, economy

The adoption of smart city will ensure adequate security and also be an accelerator for a significant economic growth by improving city management, creating new revenue opportunities, and driving efficiencies that result in cost savings through modern technology, especially in Nigeria.
This has become necessary because of the high rate of migration to the world’s urban areas. Cities around the globe are now looking for ways to transform their increasingly congested landscapes into safer, smarter, and healthier environments that better serve their residents.

FG assumes $42.5, 2.2mbpd as benchmarks for 2017 budget

The Federal Government yesterday unveiled its key benchmarks for the 2017 budget, pegging oil price at $42.5 per barrel and daily production output at 2.2 million barrels per day.
Minister of Budget and National planning, Udo Udoma unveiled the government’s plan on Monday at medium term fiscal framework public consultative forum with Civil Society Organisations (CSOs) and the Organised Private Sector.
Udoma revealed that the Federal  Government expects oil output to move up to 2.2 million barrels per day in 2017, rising to 2.3 million and 2.4 million in 2018 and 2019 respectively despite hostilities in the Niger Delta region.
The government also expects oil prices would firm to $45 in 2018 and $50 in 2019. Udoma believes the naira would settle at 290 against the dollar in 2017 as against its current over N3000 per dollar price.