Nigerian newspapers review: Experts divided over CBN’s 3% interest rate slash

In today’s Nigerian newspapers review programme, Today in the News, Vanguard leads with mixed reactions to the Central Bank of Nigeria’s three per cent interest rate cut, as the Monetary Policy Rate (MPR) was reduced from 26.5 per cent to 23 per cent.

Another headline features the vice-presidential candidate of the Nigeria Democratic Congress (NDC), Rabiu Kwankwaso, saying a government led by the party’s presidential candidate, Peter Obi, would reintroduce fuel subsidy, but through a different approach.

Vanguard also reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled proposed regulations aimed at curbing monopoly, abuse of market dominance, collusion and other anti-competitive practices in Nigeria’s petroleum midstream and downstream sectors.

Moving to another newspaper, The Guardian reports that the Monetary Policy Committee’s (MPC) decision to reduce the benchmark interest rate by 3.5 per cent to 23 per cent may provide much-needed relief to businesses and borrowers, but the unexpectedly steep cut increases foreign exchange (FX) risks, complicates the effect of rising political risks on capital inflows and could trigger asset price bubbles.

The Punch leads with leaders of the All Progressives Congress, including some aggrieved governors, considering their options ahead of the 2027 presidential election, with some party stakeholders reportedly weighing support for alternative presidential candidates amid concerns over the political activities of the Minister of the Federal Capital Territory, Nyesom Wike.

Lastly, The Nation reports that Senate President Godswill Akpabio dismissed calls for President Bola Tinubu to hand over power to Vice President Kashim Shettima, adding that there was no leadership vacuum despite the president’s absence from the country.