Worsening Dollar Scarcity Threatens Overseas Education Obinna Chima As dollar scarcity worsens in the country, the inability of parents, whose children school abroad, to access foreign exchange (forex) is threatening the completion of their wards’ education. Although the Central Bank of Nigeria Governor, Mr.
Godwin Emefiele, recently revealed that the apex bank spent about $2 billion annually on foreign school fees remittances, the new forex regime appears incapable of meeting such a huge demand any more..
Average weekly dollar turnover on the interbank forex market (spot) has dropped to $600 million presently compared with the $2 billion available as at August last year. Findings by THISDAY
showed that with the resumption of a new academic session in most schools abroad, a lot of parents are finding it extremely difficult to purchase dollars from the interbank forex market, with most of them left with the option of
purchasing the greenback from the parallel market at N423 to the dollar as at Friday. The development was further validated by bank' returns on forex utilisation for the week ended September 2, 2016, that was published
Cabinet Shakeup Looms in Lagos State... Page 12
last week, which showed thin forex trading by the financial institutions. Only few of the banks even sold dollars to their customers for payment of school fees for their wards abroad. For instance, the returns of forex utilisation published by Diamond Bank Plc last week Continued on page 12
Monday 12 September, 2016 Vol 21. No 7809. Price: N250
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Buhari: FG Working Round the Clock to Revive Economy Blames recession on global downturn, lack of savings Stop grumbling, get to work, PDP tells govt APC, Dogara call for prayers for recovery, peace Tobi Soniyi, Onyebuchi Ezigbo and Damilola Oyedele in Abuja President Muhammadu Buhari has said the federal government is working round the clock to revive the economy, explaining that the economic recession in the country is the result
of the cumulative effects of worldwide economic downturn and failure in the past to plan and save for difficult times. “I assure you that this administration is working round the clock to remove the hardships the country is going Continued on page 10
Falana Urges FG to Reject Swiss’ Conditions for Repatriating $321m Abacha Loot
Gboyega Akinsanmi
A human rights lawyer, Mr. Femi Falana, yesterday asked the federal government to reject the conditions the government of Switzerland attached to the repatriation of $321 million stolen by the late Head of State, Gen. Sani Abacha. Falana, a Senior Advocate
of Nigeria (SAN), described the proposed conditions by Switzerland as insulting, noting that the government of Switzerland did not have the right “to unilaterally impose conditions on Nigeria.” He rejected the conditions attached to the repatriation of the stolen $321 million in a
Continued on page 10
Saraki: The Truth will Always Prevail... Page 46
Clinton Faces Health Challenges...
US Democratic Party Presidential Nominee, Hillary Clinton, leaves the New York City memorial marking the 15th Anniversary of the September 11, 2001, terror attacks after becoming "overheated". She was diagnosed with pneumonia on Friday… and emerged later on Sunday at her daughter's home saying she was "feeling better"