Saturday 3rd September 2016

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Emefiele at NIPSS, Vows to Deploy Monetary Tools to Restore Growth CBN remits $2 billion to foreign institutions yearly as school fees Moody's: Nigeria's liquidity pressure rising amid growth, inflation challenges

Obinna Chima in Lagos The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday expressed the desire of the bank to "employ every indispensable means, conventional or other-

wise”, to help restore economic growth in the country. It also emerged yesterday that the CBN has amended its foreign exchange manual; resident Nigerian nationals and companies that bring in foreign currency through the banks

and other authorised dealers can now invest such funds in money market instruments, bonds and equities. Emefiele spoke while delivering a keynote address to participants of the Senior Executive Course No. 38 at the

National Institute of Policy and Strategic Studies (NIPSS), Kuru, Plateau State. The CBN governor's speech was titled: “Managing Monetary Policy in Turbulent Times.” The governor who insisted that the "Nigerian economy must

flourish," urged Nigerians to reduce their appetite for foreign goods. According to him, with the size and structure of the country's import bills, it is apparent that "we as a people cannot continue to depend on

other countries for things that can easily be produced locally. "How do we justify the importation of items like eggs from South Africa, beef from Zambia and toothpick from Continued on page 6

FG Gives Aero Hope, Promises to Retain Workers ... Page 10 Saturday 3 September, 2016 Vol 21. No 7799 Price: N250

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Fuel Crisis Looms over Non-Supply of Crude to Oil Traders, Forex Challenges No cause for alarm, we have 1.3bn litres in reserves, says Baru

Ejiofor Alike Barely four months after the federal government adjusted the pump price of petrol upwards from N86.50 to N145 per litre to stabilise product importation and distribution, oil traders have raised concern over likely scarcity

of the product. The fear expressed by the marketers stemmed from the alleged inability of the Nigerian National Petroleum Corporation (NNPC) to supply crude to some oil traders and refineries in exchange for refined products, under the Direct Sales-Direct

Purchase (DSDP) contractual arrangements initiated with some selected oil traders and foreign refineries some months ago. The marketers were also alarmed by the increasing challenges facing them in accessing foreign exchange, and threatened that they might abandon petrol

importation in the hands of only the NNPC, potentially plunging the country into another energy crisis. They warned that the pegging of the pump price at N145 was based on N285 exchange rate and that the depreciation of the Naira in the inter-bank

market to an average of N315 has created a huge gap left to be filled. Warning that it was not feasible for the price to remain at N145 with the current FX reality. But the Group Managing Director of NNPC, Dr. Maikanti Baru has dismissed the fear of

possible scarcity, saying that the corporation has continued to meet its obligations to marketers and foreign refineries in the areas of foreign exchange allocation and supply of crude oil under its DSDP contracts with the oil Continued on page 6

Mark Zuckerberg: I was Blown Away By Talents of Youths at Lagos Co-creation Hub Buhari thanks Facebook founder for sharing knowledge with Nigerians

MAUREEN IHUA

Tobi Soniyi in Abuja The Chief Executive Officer and founder of social networking website, Facebook, Mark Zuckerberg yesterday said he was blown away by the talent and level of energy of the Nigerian youth that he saw at the Cocreation Hub in Yaba, Lagos. Zuckerberg, who was speaking during a visit to President Muhammadu Buhari at the State House, Abuja, added that he was also impressed by the interest and entrepreneurial spirit displayed by other young Nigerians in all the ICT camps he visited. Zuckerberg told the president that he was in the country to promote the penetration of “fast and cheap” internet connectivity (Express-wifi) that would help people create online businesses and reduce poverty. President Buhari who commended the simplicity of Zuckerberg, thanked him for sharing his wealth of knowledge Continued on page 6

I Stopped Acting to Take Care of My Handsome Husband

SuperSaturday pg. 8-9

A SELFIE WITH THE PRESIDENT

L-R: Vice President Yemi Osinbajo; President Muhammadu Buhari and Facebook founder/Chief Executive Officer, Mr Mark Zuckerberg, during his visit to the Presidential Villa, Abuja ...yesterday GODWIN OMOIGUI

FASHION FILE

RENAISSANCE COLLECTION BY DMG

Sokoto Withdraws Students from Foreign Universities on Account of Forex ... Page 54


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