Tuesday 28th March 2017

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Analysts Hail CBN’s Naira Defence as Rate for PTA, Others is Adjusted to N360/$ Caution central bank on maturing FX forwards, oil price volatility Bank pumps another $185m into market

Obinna Chima Financial market analysts have welcomed yesterday’s decision by the Central Bank of Nigeria (CBN) to lower the

naira exchange rate for retail invisibles such as business and personal travel allowances, school fees and medical fees to N360 to the dollar, from the N375.

Describing the move as a show of strength by the central bank and its capacity to defend the naira, they however cautioned the Bank to be conscious of its maturing

obligations and potential risks in the global market, especially volatile crude oil prices. Desirous of alleviating the pains of retail foreign exchange consumers, the CBN directed

all banks to immediately begin the sale of FX for business and personal travel allowances, and tuition and medical fees to customers at not more than N360 to the dollar.

The CBN, in a note, explained that it would sell to commercial banks at N357 to the dollar, adding that banks Continued on page 10

Obasanjo’s Wife Files Suit in Lagos Court to Stop Son’s Wedding... Page 10 Tuesday 28 March, 2017 Vol 22. No 8013. Price: N250

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NGF: Melrose was Duly Engaged for Paris Club Refunds Consultant says its relationship with forum was professional, legal

Iyobosa Uwugiaren in Abuja

CELEBRATING NIGERIA’S BEST

L-R: Executive Producer of the movie 76, Prince Tonye Princewill; Nollywood actor and cast member of 76, Ramsey Nouah; Nollywood actress and cast member of 76, Rita Dominic; BAFTA award-winner for Best British Short Animation Film, Yinka Edwards; and 76 Co-executive producer, Adonai Owiriwa; during an evening with Edwards to celebrate his BAFTA award, held in Lagos... recently kunle ogunfuyi

The Nigeria Governors’ Forum (NGF) has confirmed that Melrose General Services Limited was one of the consultants that was duly engaged and documented to facilitate the recovery and Continued on page 8

Saraki Appears Before Ethics C’ttee, Clears Self of Seized Range Rover Dealer reveals Oando imported vehicle, clearing documents were fake VC confirms Melaye graduated from ABU in 2000 Ndume: I raised issues to protect integrity of Senate

Damilola Oyedele in Abuja The President of the Senate, Dr. Bukola Saraki yesterday submitted himself to the Senate Committee on Ethics, Privileges and Public Petitions over allegations that a bullet

proof Range Rover Sport Utility Vehicle (SUV) belonging to him was impounded by the Nigerian Customs Service

(NCS) for bearing fake customs clearance papers. The committee chaired by Senator Samuel Anyanwu (Imo

East) heard that the vehicle clearance documents were discovered to be fake after the dealer, Lanre Shittu Group,

presented the papers given to it by the importer, Oando Nigeria Plc, to the Customs Service.

MRS Oil: We Never Expropriated NNPC’s Products... Page 36

The vehicle was imported into the country in September 2015 by Oando Nigeria Plc which consigned it to the motor dealer, Lanre Shittu Group, in October 2016 Continued on page 8


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