CBN Reviews Weekly Dollar Sale to BDCs to $50,000 To disburse special intervention fund to real sector at single digit
James Emejo in Abuja
The Central Bank of Nigeria (CBN) yesterday resolved to raise the amount of weekly foreign currency which banks
are authorised to sell to Bureau de Change operators (BDCs) to $50,000 from the initial $30,000. Also, the bank said the special intervention fund drawn from banks' cash
reserves sometime ago would now be disbursed to support the real sector, particularly primary agricultural projects and core manufacturing. The CBN said the release
of the funds would ease liquidity crunch, and allow for financing of critical projects at low interest regime. Addressing journalists on the outcome of the Bankers'
Committee meeting in Abuja, CBN Director, Banking Supervision, Tokunbo Martins, alongside other bank chief executives, said the special intervention fund had
remained idle for a long time and the committee reached an agreement that it be disbursed to support the real sector. Continued on page 10
Crude Oil Prices Hit over 5-week Highs, Brent Sells at $48.81...
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Wednesday 17 August, 2016 Vol 21. No 7782. 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
Again, Judges in Show of Shame over PDP Convention Port Harcourt court overrules Abuja over party convention Orders INEC, DSS, police to enforce ruling Electoral body assures party of participation Tobi Soniyi, Onyebuchi Ezigbo and Alex Enumah in Abuja and Ernest Chinwo in Port Harcourt The judiciary would appear to have descended into an arena of political conflicts as two divisions of the Federal High Court engage in a fight for supremacy, delivering four
contradictory rulings within two days centering on the repeat National Convention of the Peoples Democratic Party (PDP) holding today in Port Harcourt, the Rivers State capital. While Justice Ibrahim Watila of the Port Harcourt Division Continued on page 8
IBB at 75, Says ‘I’m Not an Evil Genius’
Calls for part-time legislature to cut cost of governance Buhari, Atiku greet him Tobi Soniyi and Onyebuchi Ezigbo in Abuja, Laleye Dipo in Minna Celebrating his 75th birthday in Minna, the capital of Niger State, yesterday, former military president, Gen. Ibrahim Badamasi Babangida, protested an age-long derisive appellation, saying he was not
the evil that people ascribe to him. Interestingly, President Muhammadu Buhari, who Babangida pushed out of power in 1985, paid him glowing tributes yesterday "There is hardly any major episode in Nigeria's short Continued on page 10
REPORTING FACTS
Ogun State Governor, Senator Ibikunle Amosun (right), and the President of the Nigeria Union of Journalists (NUJ), Mr. Waheed Odusile, at the opening of the maiden annual National Media Summit in Abeokuta...yesterday