Naira Gains on Interbank as CBN Settles $697m Forward Contracts Directs banks to sell money transfer funds to BDCs
Obinna Chima The naira found relief on the interbank FX market yesterday as it appreciated following the settlement of the one-month forward contracts of $697 million by the Central Bank
of Nigeria (CBN). Specifically, the naira gained N2.45 to close at N307.43 to a dollar yesterday, up from the N310.43 to a dollar it closed the previous day. Currency dealers attributed the performance of the naira
yesterday to an increase in market liquidity as a result of the funding of the forward contracts by the CBN, just as they predicted that in the coming days, the pressure in the FX market would ease. Also confirming the funding
of the forward contracts, CBN’s acting Director, Corporate Communications, Mr. Isaac Okorafor, who spoke in a phone chat with THISDAY said: “We delivered on that - the forward contracts. Like we have always said, we would keep to our
obligations. We have lived up to our promise. We expect that the market liquidity would continue to improve and we are very confident that the FX market will get better with time.” Bank customers who bought the forward contracts will be
expected to make a gain of about N27 to the dollar, given that at the time the bids for the forwards were made a month ago, the naira exchanged for about 282 to the dollar. Continued on page 6
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We Are Not in Talk with Your Government, Avengers Tell Buhari IYC not aware of discussion with militants
Sylvester Idowu in Warri Niger Delta Avengers (NDA) yesterday said it was not in talk with President Muhammadu Buhari over the crisis
in the region and urged the president to “stop misinforming Nigerians and the international community” about his administration’s alleged dialogue with its members. On the same day, the Ijaw
Tompolo writes Buhari, laments alleged harassment of family, associates
Youth Council (IYC) also said Buhari was “misleading Nigerians and the international community” about dialogue with Niger Delta militants, while wanted ex-militant leader, Government Ekpemupolo
(Tompolo) complained bitterly over the “continuous harassment and intimidation of his family members and associates by security agencies.” The NDA's denial was in response to statement by
President Buhari on Thursday that his government was talking to the militants in the region in order to end pipeline vandalism and violence in the Niger Delta. But the militant group, in a statement signed by its
spokesman, Mudoch Agbinibo, said there was not such meeting with the federal government. It noted that if there was any such meeting, “it means Continued on page 6
PDP: Nigerians Already Counting Days for APC’s Exit from Power Declares Sheriff, Ojuogboh, Uzodinma rebels
Makarfi inaugurates 88-man zoning committee REGINA DANIELS
Onyebuchi Ezigbo in Abuja
The opposition Peoples Democratic Party, PDP, yesterday declared that Nigerians are eager to have the party back in power at the national level because of the biting scarcity, hardship and poverty in the land. Spokesman of the Ahmed Makarfi-led Caretaker Committee, Dayo Adeyeye who spoke to journalists in Abuja yesterday said Nigerians are already counting days for the All Progressives Congress, APC, because they want this government to go. Adeyeye said: “They want PDP to come back to power. In the days of the PDP's 16 years in power, it was a time of plenty and we have seen one year of scarcity, hardship and poverty in the land. It is obvious that Nigerians are not happy with the present state of affairs; so they are eager to have PDP back. "People are already counting Continued on page 6
As a 14-year-old Actress, I Earned N500,000 for a Role
SuperSaturday pg. 8-9
KINGSLEY USOH
Even in My Seventies I Still Cook at Home
Plus pg. 17
RETREATING TO RESTRATEGISE
R-L: Secretary to Lagos State Government, Tunji Bello; Governor Akinwunmi Ambode; Deputy Governor, Oluranti Adebule; and Chief of Staff, Olukunle Ojo, during the State Executive Council and Body of Permanent Secretaries retreat, in Badagry ...yesterday
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