Tuesday 14th March 2017

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Supply Glut: Banks Now Seek Customers to Buy FX Obinna Chima with agency report Banks are now looking for customers to buy the surplus greenback currently in their vaults, following the recent interventions by the Central

Bank of Nigeria in the interbank market. In a bid to close the gap between the interbank and parallel market rates, the CBN has sustained its intervention in the foreign exchange (FX) market and has resolved to

continue to flood commercial banks in the country with dollars. However, the banks are now reported to be holding excess FX and are seeking customers to buy dollars. So far, the banks have

cleared the backlog of pent up demand for the greenback for personal/basic travel allowances, school fees and medicals. A banker told the News Agency of Nigeria (NAN) that his bank had so much

dollars that its officials were asked to encourage customers to request for the greenback. The source said that the bank wants to avoid a situation where it would be forced to return excess FX to the CBN, as doing so might force the

CBN to reduce the quantity of FX sold to the bank. Another source from FirstBank also confirmed that the bank has succeeded in clearing all pending requests Continued on page 8

NSA Restricts Helicopter Shuttle During Abuja Airport Closure... Page 12 Tuesday 14 March, 2017 Vol 22. No 7999. Price: N250

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Dangote Refinery Orders Compressors, Turbines from German Firm...

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Buhari Resumes, Osinbajo Says President ‘Reasonably Satisfied with His Performance’ N'Assembly gets resumption letter President directs VP to head mediation team on N’Delta crisis

Tobi Soniyi in Lagos, Ndubuisi Francis, Omololu Ogunmade, Damilola Oyedele and James Emejo in Abuja President Muhammadu Buhari yesterday resumed duty as the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, 53 days after he proceeded on a

medical vacation in the United Kingdom (UK). He was also fully briefed by Vice-President Yemi Osinbajo who acted as president while he was away in London, the British capital. The closed-door meeting, which began at about 12 p.m., lasted for over an hour. Briefing journalists after the Continued on page 8

Customs Backtracks, Says It Won’t Force Car Owners to Pay Duties

Says legal action by VOAN unnecessary Vehicle owners in Kaduna, Port Harcourt, Bauchi shun directive, Lagos records low turn out Ndubuisi Francis in Abuja, Ernest Chinwo in Port Harcourt, Eromosele Abiodun in Lagos, Segun Awofadeji in Bauchi and John Shiklam in Kaduna

Following the widespread outcry and threat of a law suit by Nigerians and the Vehicle Owners Association of Nigeria (VOAN) to challenge the decision by the Nigerian

Customs Service (NCS) to compel vehicle owners in the country to pay duties on uncustomised cars, the Customs Service yesterday beat a retreat, denying that its policy was targeted at car owners. It also said that it never contemplated taking any measure to force compliance, Continued on page 8

WHAT GOD HAS JOINED TOGETHER...

L-R: President Muhammadu Buhari; Vice-President Yemi Osinbajo; and the president’s Chief of Staff, Abba Kyari, in the president’s office at the Presidential Villa, Abuja, when Buhari who resumed work yesterday after a 50-day break, bowed to Osinbajo, seemingly calling him “Mr. Acting President”, before sending his letter to the National Assembly on his resumption of office and holding a meeting with his deputy on the actions taken during his absence state house


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Tuesday 14th March 2017 by THISDAY Newspapers Ltd - Issuu