Read today's newspaper headlines [Wednesday, July 27, 2016]

For today, July 27 2016:

THE GUARDIAN NEWSPAPER

Buhari opens Abuja-Kaduna rail line for services

President Muhammadu Buhari has opened the first phase of the Abuja-Kaduna Standard Rail Gauge for services, promising to boost rail transportation in the country. READ MORE

Cost of funds to rise as benchmark rate hits 14 %

To mitigate inflationary trends and price volatility, the Central Bank of Nigeria (CBN) has increased interest rate benchmark from 12 to 14 per cent. The CBN Governor, Godwin Emefiele, who disclosed this described the increase as a ‘difficult choice.’ READ MORE

Obasanjo seeks merger of MDAs in states

Former President Olusegun Obasanjo yesterday lamented the high cost of governance just as he challenged state governors to merge some Ministries, Departments and Agencies (MDAs) as a way of cutting cost.

THE VANGUARD NEWSPAPER

Drama as ambassadorial nominees fail to recite National Anthem, Pledge

ABUJA — THE Senate Committee on Foreign Affairs has begun the screening of Ambassadorial nominees forwarded to the Senate by President Muhammadu Buhari. READ MORENASS: Why Buhari is against Ekweremadu, by MASSOB

ABAKALIKI—THE Movement for the Actualisation of the Sovereign State of Biafra, MASSOB, yesterday, stated that President Muhammadu Buhari’s grouse against the Deputy Senate President, Senator Ike Ekweremadu is because the Senator is an Igbo man and not because of party affiliation. READ MORECriticism trails CBN’s decision to hike MPR to 14%

ABUJA—The Central Bank of Nigeria(CBN), yesterday, jerked up its Monetary Policy Rate (MPR)to 14 per cent, attracting criticism from business experts who predicted that the hike will lead to increased corporate failures, unemployment and decline in the nation’s stock market. READ MORE

THE PUNCH NEWSPAPER

I rejected N50m bribe to support Obasanjo’s third term bid – Na’Allah

The Deputy Majority Leader of the Senate, Bala Na’Allah, on Tuesday, took a swipe at former President Olusegun Obasanjo for describing members of the National Assembly as corrupt. READ MORE

APC govs meet Buhari, resolve to seek Ekweremadu’s removal

State governors elected on the platform of the All Progressives Congress have resolved to do all within their powers to ensure that Senator Ike Ekweremadu is removed as the Deputy President of the Senate, The PUNCH has learnt. READ MORE

CBN raises interest rate to 14%, warns banks

Against expectations of financial analysts that the Monetary Policy Rate would remain unchanged at 12 per cent, the Monetary Policy Committee of the Central Bank of Nigeria on Tuesday hiked the MPR by 200 basis points to 14 per cent. READ MORE

THE NATION NEWSPAPER

‘I rejected Obasanjo’s N50m third term bribe’

Deputy Senate leader, Bala Ibn Na’Allah, took on former President Olusegun Obasanjo, over his sweeping statement that all members of the National Assembly were corrupt. READ MORE

Reps seek EFCC’s probe of Jibrin for budget padding

The Budget 2016 padding scandal rocking the House of Representatives deepened yesterday, with the leadership asking the Economic and Financial Crimes Commission (EFCC) to probe the sacked Appropriation Committee chairman Abdulmumin Jibrin. READ MORE

Uncertainty over ICPC’s 37 case files on ex-governors

Are the case files on 37 ex-governors missing or gathering dust in the Office of the Chief Justice of Nigeria? This is the puzzle the administration of President Muhammadu Buhari is trying to unravel. READ MORE

BUSINESSDAY NEWSPAPER

MPC responds positively to yearnings of foreign investors

The Central Bank of Nigeria (CBN) yesterday raised its benchmark monetary policy rate (MPR) by 200 basis points to 14 percent from 12 percent in June, in a bid to achieve price stability, and attract greater dollar inflows.

FX Futures ease liquidity challenge for petrol marketers

The new foreign Exchange (FX) futures market introduced by the Central Bank of Nigeria (CBN) is gradually opening up opportunities for petroleum products importers to access FX as high interest rates of commercial banks and bruising exposure to the petroleum sector continue to limit lending.

Nigeria plays catch up as Morocco makes progress with $9bn solar energy investment

Nigeria, the largest country and biggest economy in Africa with population of over 170 million people is playing a catch up with $1.75 billion investments on solar energy compared to Morocco's $9 billion investment.