Friday 17th June 2016

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IMF, NEC Welcome Decision to End Currency Peg CBN expects naira to settle at N250/$ in the long run Equities sustain bull run, naira appreciates on parallel market Goddy Egene and Obinna Chima with agency report The International Monetary Fund (MF) and National Economic Council (NEC) both endorsed the decision by the Central Bank of Nigeria (CBN) to abandon

its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. Reuters quoted IMF

spokesman Gerry Rice to have told a weekly news briefing that the fund wants to see how effectively the naira exchange market functions once the new float system is

put into effect next Monday. “I think the announcement yesterday to revise the guidelines for the operation of the Nigerian interbank foreign exchange market is

an important and welcome step,” Rice told reporters. “It will provide greater flexibility in that market, the foreign exchange market.” Senior IMF officials,

Buhari to Return on Sunday… Page 10

including Managing Director Christine Lagarde, had urged Nigerian officials to allow the naira to fall to absorb some of the shocks to the economy from a plunge in oil prices and revenues. Continued on page 11

Friday 17 June, 2016 Vol 21. No 7722. Price: N250

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TODAY'S WEATHER

ABUJA 16°C-33°C

MAIDUGURI 15°C-35°C

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& RE A S O

ENUGU 22°C-34°C

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KANO 11°C-33°C

LAGOS 23C-31°C

PORT HARCOURT 20°C-30°C

House Probes Three Members on Allegations of Sex Solicitation in US Visas of accused lawmakers revoked as Gbillah, Ikom head to court, deny wrongdoing Damilola Oyedele in Abuja The House of Representatives has said it has commenced investigations into allegations of sexual misconduct against three of its members by the United States embassy, even as the embassy has already revoked the US visas of the accused lawmakers.

The US ambassador to Nigeria, Mr. James Entwistle, in a June 9, 2016 letter to Speaker Yakubu Dogara, accused three lawmakers of attempted rape and solicitation for sex, while on a recent trip to Cleveland, Ohio for the International Visitors Leadership Programme. Continued on page 10

Five States Meet Conditions to Access N90bn Loan

Lagos turns down facility States rush to meet Monday deadline for submission of documents Tobi Soniyi in Abuja The federal government yesterday said that five states had met the 22 stringent conditions it stipulated for the 36 states of the federation seeking to draw from the N90

billion budget support loan facility in order to help them meet their obligations. Akwa Ibom State Governor, Mr. Udom Emmanuel, who disclosed this while briefing Continued on page 11

Former Customs Boss, Dikko Inde,Amb BUHARI, TINUBU ‘HOLIDAY’ TOGETHER Leader of the All Progressives Congress (APC), Chief Bola Tinubu (left) and President Muhammadu Buhari, when Hassan Adamu in EFCC Net… Page 57 National the former Lagos State governor met with the president in London… yesterday


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