Banks’Returns on FX Utilisation Show Reduction in Capital Outflows Electronic transactions hit N33.8tn in 17 months Obinna Chima in Lagos and James Emejo in Abuja The returns on foreign exchange (FX) utilisation published by some of the
international banks have revealed that the pressure on capital outflows has gradually subsided. Unlike in the past when FX purchases for repatriation
of capital used to feature prominently on returns of FX utilisation published by Stanbic IBTC and Standard Chartered, the report for the week ended August 12,
2016 published last week showed gradual easing of FX outflows. For instance, while Stanbic IBTC returns on FX utilisation showed that
the bank sold $62,646,491.70 to 135 customers (both individuals and corporates), the FX purchased by foreign portfolio investors that included The Northern
Trust Company, SNNL/JP Morgan Chase Bank, HSBC Bank Plc, and the Bank of New York Mellon was just Continued on page 10
PDP Leaders Resume Talks as Former Scribe Seeks Buhari’s Intervention… Page 10 Monday 22 August, 2016 Vol 21. No 7787. Price: N250
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Avengers’ Ceasefire Offers Hope for Resolution of N’Delta Crisis Ijaw Youths Council hails cessation of hostilities
Sylvester Idowu in Warri, Emmanuel Addeh in Yenagoa The ceasefire announced by the militant group, the Niger Delta Avengers, on Saturday night has offered new hope for the resolution of the crisis in the oil-rich region as several stakeholders welcomed the development yesterday. Leading the pack of
supporters of the ceasefire, which came a day after a stakeholders’ conference in Warri, facilitated by a former Minister of Information, Chief Edwin Clark, is the Ijaw Youths Council, which hailed the cessation of hostility as a step towards the restoration of peace. Continued on page 10
CBN, NBET Negotiate Fresh N180bn Fiscal Stimulus for Power Sector Chineme Okafor in Abuja The Nigerian Bulk Electricity Trading Plc (NBET) and Central Bank of Nigeria (CBN) are currently negotiating new financial stimulus worth N180 billion to support electricity operators in Nigeria’s power sector, THISDAY has learnt.
The paper gathered from an exclusive interview with the acting Managing Director of NBET, Mr. Waziri Bintube, at the weekend in Abuja that negotiations on the new package had advanced with the CBN favourably disposed to it. Continued on page 12
Debts: FG Deducts N32bn from States’ Allocations… Page 64
MINISTERS VISIT WIKE
L-R: Rivers State Governor, Nyesom Ezenwo Wike; Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN); and Attorney General and Minister of Justice of Rwanda, Busingye Johnston, during a courtesy visit to the governor, at the Government House, Port Harcourt… Saturday