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Nigeria's N36.83 Billion Nigeria’s widest circulating newspaper We’ll reopen •APC slams Fayose for ‘diversion’ of Paris Club refund P12 LAUTECH, •Fed High Court redeploys Justices Abang, Liman P9 says PAGE 12 •Ranieri hails ‘unbelievable’ Ndidi after super debut P10 Ajimobi •Six soldiers feared dead as Boko Haram attacks barracks P41 •www.thenationonlineng.net VOL. 11, NO. 3822 MONDAY, JANUARY 9, 2017 TRTRTRUTH IN DEFENCE OF FREEDOM N200.00 Bakare seeks restructuring, Adeboye to Christians: serve rejig of forex policy HE General Overseer of the Redeemed Chris- God in spirit, in truth ATTER Rain Assembly Pastor Tunde Bakare yester- tian Church of God day called for the restructuring of the federation, the T By Miriam Ekene-Okoro (RCCG) Worldwide, Pastor and embrace God’s camp. Lreform of the foreign exchange regime and an added Enoch Adeboye, yesterday Service held at the Lagos The service featured mu- pep into the administration of President Muhammadu Bu- urged Christians to serve House in Ikeja. sic ministrations, bible read- hari. God in spirit and in truth if He drew his text from Exo- ings and prayers for the na- Buhari’s former running-mate in the 2011 presidential elec- they truly want to experience dus 3:1-8, Genesis 18:1-8 and tion, for Lagos State as well tion made his views known in an address to his church mem- the blessings of God in 2017. Mark 10:46-52 among others as for every citizen of the bers in Lagos which he dubbed “State of the Nation’’ broad- He spoke at the 2017 Annu- and admonished Nigerians to state. Continued on page 6 •Pastor Adeboye...yesterday. al Lagos State Thanksgiving leave the camp of the devil Continued on page 9 •INSIDE:•INSIDE:•INSIDE:HERDSMEN KILL THREE POLICEMEN, SIX OTHERS IN ADAMAWA, NIGER, DELTA PPP666 •Members of the #BringBackOurGirls group led by ex-Minister Oby Ezekwezili (third right) during a march to mark 1000 Days of the Chibok Girls in Boko Haram’s captivity in Abuja...yesterday. PHOTO: ABAYOMI FAYESE EFCC grills five ex-NNPC bosses over $153m transfer Commission moves to seize ex-minister’s posh estate CONOMIC and Financial From Yusuf Alli, Abuja transfer of the funds. He declined to sources. A syndicate was used to per- Crimes Commission (EFCC) name the former officials, saying it petrate the fraud in the oil firm.” Edetectives have questioned two sources, Mrs. Diezani Alison-Madueke could jeopardise the probe. An NNPC source confirmed the in- former Group Managing Directors whose multi-billion naira estate the “We are however not stopping at this terrogation of the former officials. (GMDs) and three former Executive EFCC plans to seize. bend because we discovered that some The source said: “This corporation is Directors (EDs) of the Nigerian Na- One of the former executive directors of these officials were used for many following the development. The EFCC tional Petroleum Corporation is said to have admitted playing a role illicit transactions,” the source said, is on top of the $153million palaver; it (NNPC) over their roles in the trans- in the transfer of the money, which adding: has actually been inviting some of our fer of $153m to some banks. belongs to the corporation. “By the time we extend our investi- past officials for questioning. The cash was wired from NNPC’s An EFCC source confirmed that the gation to crude oil lifting, you will ap- “The good thing is that some of these account to the banks on the directive five ex-officials and a few others had preciate the sleaze during the tenure of former officials are still on NNPC’s of a former Minister of Petroleum Re- •Mrs. Alison-Madueke been quizzed in connection with the Diezani as minister of Petroleum Re- Continued on page 6 •EX-GOVERNOR KURE DIES IN GERMANY AT 60 P9 PUBLISHER BEGS OBASANJO, AWUJALE P7P7P7 2 THE NATION MONDAY, JANUARY 9, 2017 NEWS For years, direct transfer of funds to foreign bank accounts was stress-free for Nigerians. But gone are those days when such transfer was done at low rates. The exchange rate for international bank transfer was at N505 to the dollar at the weekend, painting a gloomy picture of what to come in the months ahead. Stakeholders are calling on the Central Bank of Nigeria (CBN) to fully allow the naira to float. They want the apex bank to launch the process of unifying the multiple exchange rates in the economy, writes COLLINS NWEZE. Will exchange rate unification •Vice President Yemi Osinbajo(second left) being greeted by Health Minister Issac Adewole (second right) at the Inter-denominational Church Service for the 2017 Armed Forces Remembrance Day at the National Christian Centre in Abuja...yesterday. With them are: Secretary to the Government of the Federation Babachir save the naira? David Lawal (left) and others. HAT the naira is undergoing exchange rates exist, depending on the major crisis is no longer news. purpose and the market where the TBut the declining purchasing dollar is bought or sold, adding that power and exchange rate of the local there is currently a total dysfunction of currency against world currencies, the forex market, which became more especially the dollar, has become pronounced after the June 20 worrisome. implementation of the flexible forex The purchasing power and value of policy. the naira expressed in terms of the He listed them as the budget amount of goods or services that one exchange rate (N305/$); Form ‘M’ unit of it can buy has continued to processing rate (N285/$); Inter-bank decline. rate (N315/$) and International Money Also nose-diving is its exchange rate Transfer Operators (IMTOs) rate (N375/ in international transactions against the $). Also, the BDCs rate (N399/$); dollar. Western Union (N450/$); Airline For the first time in decades, the rate intervention rate (N355/$); pilgrimage for international bank transfers soared rate (N197/$); parallel market rate to N505/$ at the weekend. The naira- (N485/$) and the CBN rate (N305/$). dollar foreign transfer rate has for “I suggest a weighted average rate months resisted the pressure to cross of between N350 and N400 to dollar to the N500/$ mark in all transactions bring calmness to the market and attract despite continuous dollar scarcity. dollar inflows into the economy. Once The new foreign transfer rate of the exchange rate is harmonised, the N505 to the dollar is at least, N200 above parallel market will shape up,” the N305 official rate of exchange, which Gwadabe said. •From left: Benue State Pilgrims Board Secretary Mrs. Elizabeth Edeh, Benue State Deputy Governor’s wife many analysts see as unrealistic and Rewane said the outlook for the Justice Mary Abonu and Mrs. Bathsheba Akor-Onoja after the arrival of 2016 Benue State contingents to ineffective price of the local currency naira for this year can only be clearer Jerusalem in Abuja. PHOTO: ADEJO DAVID. against the greenback. by examining the fundamentals that Managing Director, Financial determine exchange rates. Derivatives Company Limited, He was also puzzled by the country’s Bismarck Rewane, who confirmed the failed attempts to unify its exchange international bank transfer rate at rates, saying: “Forex policies usually N505/$, insisted that the naira under complement trade and investment the current market regulatory policies. The Nigerian government will framework will remain unstable until in 2017 strive towards greater the market is allowed to operate coordination of these policies, and will efficiently. move from its current bias for a He described the state of the official command economy monetary policy exchange rate as unrealistic given that towards a mixed economy. forex traders and users cannot get “I believe that with oil prices at $55pb dollars at that price unconditionally. The and production back up to 2mbpd, the naira was trading at N495 to the dollar naira will slip in the interbank markets in the parallel market at the weekend. to N350-N380 to dollar. It will fall in He said: “Any market structure the parallel market to N520 to dollar where the same product is selling at before recovering sharply to N425 to different prices at the same time is dollar. These projections are based in described in economics as a price the assumption that the market will be discriminating monopoly market reformed and that sanity will return to structure. Typically, this market is what is now essentially a foreign characterised by barriers to entry that exchange asylum.” allow those with influence or He described the forex market as a connections to buy in the cheaper product of policy-making regulatory •Africa International Investment Summit & Expo Chairman/Chief Coordinator Mr Angelo Peter Elosia (right), market, such as N305 to dollar, and sell and market player interaction. discussing with the United Nations (UN) High Commissioner for Refugees Filippo Grandi (left) at the expo in in the more lucrative market, at N500 “Many fundamentals”, he said, “go Abuja...yesterday. With them is the Economic/Commercial Counsellor at the Embassy of Spain in Nigeria to dollar. This is what is probably into the determination of an exchange Pablo Segrelles. PHOTO: NAN. happening right now (round tripping),” rate. These include balance of trade, the he said in an emailed report to investors. terms of trade, investment flows and President of the Association of the international competitiveness of the Bureau De Change Operators of economy. There is also the interest rate/ Nigeria (ABCON), Aminu Gwadabe, inflation differential, which impacts the has called for the harmonisation of the purchasing power parity of the multiple exchange rates currently at currency. play in the country. “When a currency is appropriately No fewer than 10 operational priced, it will be in equilibrium and The exchange rate vulnerability has resulted in an evolution of the cost structure of many Nigerian companies, and those that survive will be those with adequate strategy aimed at ensuring cost efficiency.
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