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CBN cuts lending rate from 12.5% to 11.5%

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The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has cut the Monetary Policy Rate (MPR) from 12.5 per cent to 11.5 per cent.

 

At the end of its September meeting on Tuesday, September 22, the MPC said the majority of its members voted to reduce the monetary policy rate (MPR) by 100 basis points, from 12.5 per cent to 11.5 per cent, while adjusting its symmetric corridor around the MPR from +200 and -500 basis points to +100 and -700 basis points.

 

The aim is to make more money available for lending to critical sectors as the economy braces for a looming recession in the third quarter.

 

The CBN Governor, Mr. Godwin Emefiele, disclosed this while presenting the decisions of the Monetary Policy Committee, MPC, after its two-day meeting in Abuja on Tuesday September 22.

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However, the Committee retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent, respectively.

 

Explaining the reasons for the cut, Emefiele said: “After the consideration of the three policy options, members were of the opinion that the option to loose will complement the Bank’s commitment to sustain the trajectory of the economic recovery and reduce the negative impact of COVID-19.

 

“In addition, the liquidity injections are expected to stimulate credit expansion to the critically impacted sectors of the economy and offer impetus for output growth and economic recovery.”

 

On the rising inflation, Emefiele noted that so far, evidence has not linked the rising inflation to monetary factors but rather, evidence suggested non-monetary factors (structural factors) as the overwhelming reasons accounting for the inflationary pressure.

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He said: “Accordingly, the implication is that traditional monetary policy instruments are not helpful in addressing the type of inflationary pressure we are currently confronted with.

 

“What is useful is the kind of supply side measures currently being implemented. MPC also expects that a downward adjustment in MPR may be necessary to further put pressure on our deposit money banks to lower cost of credit in aid of growth.”

 

He added that the broad outlook for the global recovery remained uncertain, as the headwinds associated with the COVID-19 pandemic was persisting, especially as new indications of a second spike in the rate of infections, continued to dampen prospects of a near term recovery.

 

“The persisting volatility in global oil prices which is likely to continue beyond the end of 2020, as indicated by the deliveries in the oil futures market, signposts the likelihood of a disorderly global recovery,” Emefiele, added.

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In the face of the global economic challenges, the CBN stressed the urgent need for a combination of broad-based monetary and fiscal policy measures to curb the rise in inflation and contraction in output growth.

 

“This will involve targeted investment by the fiscal authorities to resuscitate critical infrastructure to improve the ease of doing business across the country.”

 

He added: “In addition, the MPC believes the fiscal authorities can build on earlier efforts and articulate a clear strategy to attract private sector investment. The Bank will, however, continue to take relevant steps to ensure that the detrimental risk of inflation to the economy is contained.”

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Actress Lori Loughlin reports to prison after pleading guilty in the college admissions scandal

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Lori Loughlin has reported to a prison in California to start her two-month sentence after pleading guilty in the nationwide college admissions scandal.

 

The Full House alum, 55, surrounded herself at the Federal Correctional Institution in Dublin, California, near San Francisco on Friday, October 30th.
The actress pleaded guilty to fraud earlier this year after paying $500,000 to get their two daughters, daughters, Bella, 21, and Olivia Jade, 20, into the University of Southern California as fake crew team recruits.

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She was sentenced in August to two months in prison, two years of supervised release with 100 hours of community service, and a $150,000 fine.

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Her husband, Mossimo Giannulli, who was also involved was sentenced to five months in prison and is expected to report to prison by November 19. His deal included two years of supervised release, 250 hours of community service, and a $250,000 fine.

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“Lori and Moss don’t want to serve their prison sentences at the same time. Among the reasons, even though their daughters are adults, Lori wants one parent to be free to provide emotional support to the girls,” the insider explained. “Lori’s concern all along has been Isabella and Olivia Jade.”

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Actress, Felicity Huffman also took part in the scheme, that was masterminded by Rick Singer. She was sentenced to two weeks in prison.

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‘Donald Trump is 91% certain to win US election’ – Pollster who has successfully predicted elections since 1996 says

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One of the most accurate pollsters in US political history has stated that incumbent US president Donald Trump has a 91% chance of holding on to the White House even though most polls put his rival, Joe Biden ahead.

Pollster Helmut Norpoth correctly predicted Donald Trump’s shock election win back in 2016 and four years later his poll model predicts the Trump will win again.

 

Norpoth, a professor of political science at New York’s Stony Brook University, created his prediction model in 1996 by analysing data from every US election going back to 1912.

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The model is based around each candidate’s performance in their party’s Primary Elections, or Primaries, where Democrats and Republicans voted for who their party’s presidential candidate should be.

 

 

When Norpoth compared Trump and Biden’s Primaries to those over the last 108 years, he argues he can predict the outcome of the actual election.

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In this year’s Republican primary Trump won 94% while Biden won just 54% of the Democratic primary.

 

Due to this, Norpoth says Biden will win the popular vote while Trump will win the electoral college.

“I focus on early primaries and the way the candidates perform in those early contests,” Norpoth said in the press release. “It’s a very good predictor, and a leading indicator of what’s going to happen in November.”

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His model has been successful in predicting presidential winners since 1996.

“When I looked at New Hampshire and I saw that Donald Trump got 85 percent of the votes … I was pretty sure what the model was going to predict,” Norpoth said.

Joe Biden, on the other hand, won only 8.4% in New Hampshire, Norpoth said, a number that is “unbelievable for a candidate with any aspirations of being president,” he stated.

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We are ready to show Lekki shootings footage – LCC

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The Management of the Lekki Concession Company has disclosed that it is ready to show the footage of Lekki toll gate shooting.

 

This was made known by the agency’s Head of the Legal Department, Mr Gbolahan Agboluwaje who appeared before the Lagos State Judicial Panel of Inquiry for Restitution for Victims of SARS and related abuses and Other Matters on Friday October 30. He also disclosed that there are hours of recordings on the CCTV footage.

 

Commenting on summons of presenting the October 20 footage, an investigation report and any other document, Agboluwaje stated that no investigative report or document is available.

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He said;

 

 “LCC is prepared to air the footage before the panel” but no investigative report or document is available.

“We have the footage. We do not have an investigation report because we know that investigations are ongoing and we have not been able to provide any document.

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“We had a very short notice and we brought what we were able to lay our hands on.”

 

The Head of the Legal Department of LCC who also disclosed the Managing Director of LCC, Abayomi Omomuwa would not be able to testify due to the short notice, said this was because the company was yet to hire an external counsel to represent the MD.

 

Chairman of the nine-man panel, Justice Doris Okuwobi (Retd.) granted Agboluwaje’s request for a short adjournment and also disclosed that the programme of the day for the panel was to visit the locus (scene of the Lekki Shooting) and to have proceedings based on their findings from the visit.

 

Okuwobi said;

 

“We were initially to take note of what we see at the locus and today’s proceedings was to be subsequent to what we see there.
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“The panel will arise very shortly to visit the locus. The panel noted that it is required of the witness to have a counsel of his choice. We will not take the proceedings of the visit of the locus until then.”

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