Thursday 28th July 2016

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CBN Directs Banks to Provide for Foreign Currency Loans, Settles Futures Contract Naira falls to N330.12 on interbank

Obinna Chima

provisioning for all delinquent foreign currency-denominated loans in line with the July 1, 2010 Prudential Guidelines for Deposit Money Banks in Nigeria.

The Central Bank of Nigeria (CBN) yesterday directed commercial banks to review and make adequate

The CBN, which also settled futures contract valued at N962.23 million, said in a letter by its Director, Banking Supervision, Mrs. Tokunbo Martins, titled: “Provisioning

for Foreign Currency Loans,” dated July 27, posted on the bank’s website, that the move was in continuation of the efforts to enhance efficiency, facilitate liquidity

and transparency in the foreign exchange market. Rationalising why it had become necessary to ensure adequate and proper provisioning, the central bank

directed banks to ensure that the un-provisioned portion of all foreign currencydenominated loans and Continued on page 6

Dogara Threatens Legal Action, Demands Retraction from Abdulmumin...

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Thursday 28 July, 2016 Vol 21. No 7762. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 16°C-33°C

MAIDUGURI 15°C-35°C

UT H

& 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

Special Forces Begin Exercise for Combat in N’ Delta, Says Army Dickson meets Buhari, pleads against use of force

Tobi Soniyi, Senator Iroegbu in Abuja and Emmanuel Addeh in Yenagoa Prospects of a confrontation between Niger Delta militants and the military heightened yesterday as the Nigerian Army announced that its Special Forces had started exercises in preparation for combat in the restive oil rich region. The Army in a statement

by its Director of Public Relations (DAPR), Col. Sani Usman, said it had started conducting exercises for its Special Forces on maritime warfare. “The Nigerian Army will from this weekend commence another training exercise code named 'Exercise Crocodile Smile' in 82 Division and part of 2 Division areas of responsibility traversing Continued on page 6

NNPC Hikes Kerosene Price to N135 on Monday

Product racketeering worsens, sells at N180 per litre Ejiofor Alike The official price of kerosene will move up to N135 from N73 per litre on Monday, THISDAY investigation revealed yesterday. According to reliable sources, the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has decided to increase the exdepot price to N135 per litre

with effect from Monday, after the next consignment of about 17,000MT capacity imported vessel arrives Lagos this week. THISDAY gathered that following foreign exchange crisis, which makes it difficult for the private marketers to access foreign exchange at the official price, the PPMC assumed the sole importer of kerosene, thus leading to the scarcity of the product. Continued on page 6

FOR BETTER TELECOMMUNICATIONS

L-R: Vice-Chairman, Ntel Telecommunication, Dr Olatunde Ayeni; Chairman, Gen. Theophilus Danjuma (rtd); and the Managing Director, Mr. Kamal Danjuma Abbas, at the inauguration of the new Board of Directors of Ntel in Lagos... yesterday abiodun ajala


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