FRIDAY 15TH JUNE 2018

Page 1

Currency Swap: CBN to Incentivise Importers Who Tender Chinese Renminbi Nume Ekeghe Following the $2.5 billion bilateral currency swap agreement signed last month between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC), the CBN has said it will incentivise importers and traders who tender their invoices in Renminbi (RMB).

This was revealed at the Bankers’ Committee meeting yesterday. The CBN last week announced plans to start bi-weekly auctions of the Chinese currency. But briefing journalists at the end of the meeting in Lagos,

the Chief Executive, Stanbic IBTC Bank, Mr. Demola Sogunle, pointed out that the central bank recently issued regulations for transactions in Renminbi. He added: “As we speak now, China is the biggest trading partner with Nigeria

and on the back of the currency swap; Nigeria has access to RMB 15 billion in terms of facilitation of trade. “So, what has come out of the Bankers’ Committee meeting today is that importers of Chinese equipment, machinery, goods are being

encouraged to get invoices in RMB. “The CBN is willing to incentivise importers so that instead of bringing invoices in dollars they should bring invoices in RMB. “To the extent of that bilateral currency swap is in

6,800 Delegates to Vote at APC Convention ... Page 10

place and Nigeria is able to tap into about RMB 15 billion, we should be able to use that to facilitate trade and this should speak directly to encouraging small and medium scale enterprises playing in the Nigerian-Chinese trade corridor.” Throwing more light on Continued on page 10

Friday 15 June, 2018 Vol 23. No 8457. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

UT H

& RE A S O

ENUGU 25°C-28°C

N

KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

Stop Glorifying Thieves, Treat them with Ignominy, Buhari Tells Nigerians Says Abiola, Fawehinmi's families showed good examples Sultan declares today as Sallah day Atiku, Saraki, Dogara, others urge Nigerians to keep hope alive despite challenges Deji Elumoye and Omololu Ogunmade in Abuja Mohammed Aminu in Sokoto President Muhammadu Buhari yesterday in Abuja admonished Nigerians to put paid to the attitude of celebrating corrupt people in the country but should rather treat such persons

with dishonour. Buhari who made this remark last night in his Sallah message to Muslims in commemoration of the end of Ramadan, urged "ordinary Nigerians to stop glorifying thieves by treating them with disdain for bringing hardships Continued on page 10

Buratai Admits Shortcomings in Operations in North-west, North-central Says Army strategising for decisive offensive Senator Iroegbu in Abuja The Chief of Army Staff (COAS), Lt-Gen. Tukur Buratai, yesterday admitted that the efforts by the Nigerian military to tackle the state of insecurity in the North-central and North-west had not yielded the desired outcome. Buratai stated this in a

statement to felicitate with soldiers and their families on the occasion of 2018 Eidel-Fitr celebration, promising to address the situation and strategise on how to effectively deal with the insecurity in the two regions. He nonetheless, commended Continued on page 10

US, Korean Consortium to Invest $10bn in 4,185MW Ebonyi Power Project... Page 12

BACK TO BASE... Former Governor of Ondo State, Dr Olusegun Mimiko, during his return to the Labour Party (LP) from the Peoples Democratic Party (PDP) in Ondo...yesterday


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.