External Reserves Rise by $595m as Offshore Investors Stake $327m on Bonds
No reprieve yet for eight banks banned from FX market Oil prices fall on glut, Nigerian rebels
Obinna Chima with agency report Nigeria’s external reserves, which have plummeted for about two months, pared some of the losses in recent weeks when they rose by $595 million in just five days to
$26.196 billion yesterday. The marginal accretion represented an increase of 2.26 per cent, compared with $25.601 billion as of August 24. The development was
attributed to the inflow of funds into the country’s fixed income market. THISDAY reported yesterday that there had been renewed interest by both foreign and local investors
in the fixed income market given the attractive yields. This was largely buoyed by a single $270 million transaction at N345 per dollar by Citibank Nigeria which
bought 11-months treasury bills on behalf of offshore investors. But other transactions were carried out at between N314.50 to N317.34 to the dollar.
High Grade Nickel Discovered in Nigeria… Page 8
The FX market registered $327 million worth of trades yesterday, about six times more than its usual volume, the Chief Executive Officer of FMDQ OTC Securities Exchange, Mr. Bola Onadele, disclosed. Continued on page 8
Tuesday 30 August, 2016 Vol 21. No 7795. Price: N250
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Nigerian Economy Has Never Been This Terrible, Okojie Writes Buhari… Page 9
B’Haram Stalls Prisoner Swap with Abducted Chibok Girls Joseph Ushigiale
Fresh facts have emerged on why President Muhammadu Buhari has remained steadfast on his position that the federal government would only negotiate for the release of the abducted Chibok girls with those who are directly
holding them. It has emerged that two recent attempts in recent weeks by the Federal Government for prisoners swap with the so called representative of the terror group may have reached a Continued on page 6
N’Delta Peace Talks: MEND Recants, Agrees to Work with Clark’s Team Avengers slam Buhari over Boko Haram ‘treatment’ threat Troops sustain operations in oil region Senator Iroegbu in Abuja, Emmanuel Addeh in Yenagoa and Idowu Sylvester in Warri Citing the need for the Niger Delta to forge a common front in the proposed peace talks between the federal government and militants
in the region, the Movement for the Emancipation of the Niger Delta (MEND) yesterday pledged its allegiance to the Edwin Clark negotiation team. But MEND, which had Continued on page 6
PDP BoT Grants Sheriff's Request to Hold Convention in Abuja… Page 10
President Muhammadu Buhari (right), in a conversation with the Group Chairman of First Holdings Plc, Mr. Oba Otudeko, during the session on Dialogue with the Private Sector at the Tokyo International Conference on African Development (TICAD), held in Nairobi, Kenya… weekend