To Boost Long-term Financing, CBN Slashes Merchant Banks’ CRR to 10% Ndubuisi Francis and James Emejo in Abuja
The Central Bank of Nigeria (CBN) has approved a reduction in the
Cash Reserve Requirement (CRR) of merchant banks to 10 per cent from the current 32.5 per cent. The change takes effect from August 1, 2023.
The central bank announced this in a circular dated July 14, 2023, and signed by CBN Director, Banking Supervision Department, Mr. Haruna Mustafa, which was
directed to all merchant banks. CRR is a monetary policy tool used by central banks to manage and regulate the money supply in an economy.
Specifically, it refers to the portion of deposits that banks are required to hold with the central bank. Notably, an increase or reduction
in the CRR could have several effects on banks and the overall economy. Continued on page 5
Obi: I Never Said I’m Looking Forward to Contest in 2027…
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Abbas, Oborevwori, Anyaoku, Saraki, Tambuwal, Others Salute Obaigbena at 64… Page 6
Emefiele: Former NBA President, Activists, Task FG on Rule of Law Alex Enumah and James Emejo in Abuja A former President of the Nigerian Bar Association (NBA), Mr. Joseph Daudu (SAN); human rights
lawyers and a rights advocacy group, the Centre for Social Justice and Accountability (CSJA), have called on the federal government to strictly adhere to the principle of rule of law, fairness, and justice
in the handling of the case of the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. While Daudu expressed optimism that President Bola
Tinubu, with his background as an advocate of democracy, will not support arbitrariness, Maxwell Opara, Abdulazeez Tijani and Anthony Akpua of the CSJA said the way the federal government
handles the case would shape the way foreign investors and related interests would relate with the new administration. They spoke yesterday in reaction to the various court
pronouncements on the government's continued detention of Emefiele and his planned arraignment by the Department Continued on page 5
Respect Democracy, Ensure Political Stability in the Continent,Tinubu Tells African Leaders Wants UN to take firm stand against military coups
Deji Elumoye in Abuja President Bola Tinubu has called on fellow African leaders to respect democracy, and the rule of law, and also ensure political stability in the continent. Speaking yesterday in Nairobi, Kenya, at a high-level event organised by the United Nations Development Programme (UNDP) on the margins of the Fifth Mid-Year African Union (AU) Coordination Meeting, Tinubu urged the United Nations (UN) to take a firm stand against military coups. The President urged African military institutions and states to recognise and respect the need for democratic renewal. President Tinubu, who is also the Chairperson of the ECOWAS Authority of Heads of State and Government, said coups d'état should be discouraged in the continent, especially in the face of challenges like the COVID-19 pandemic, insecurity, and climate change. The president, who was represented by the Permanent Secretary in the Ministry of Foreign Affairs, Ambassador Adamu Ibrahim Lamuwa, said it was regrettable that West Africa, Continued on page 5
SETTING ASIDE POLITICAL DIFFERENCES… Presidential candidate of the Peoples Democratic Party, Alhaji Atiku Abubakar (left), and Vice-President Kashim Shettima, at the wedding between Mohammed Bunu and Ikramullah Jamal Arabi, at the Al-Nur Mosque in Abuja…yesterday