Stocks surge as CBN releases new forex rules

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CONVENTION: IMO gives Nigeria 90-day ultimatum By Godwin Oritse

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A G O S — In t e r n a t i o n a l Maritime Organisation, (IMO) has given the Nigerian Maritime Administration and

Safety Agency (NIMASA) 90 days ultimatum to formulate a long term strategy for the implementation of instruments and convention in Nigeria. Giving this ultimatum,

leader of IMO’s audit team, Captain Yalscin Cahit said that the country Member States Audit Scheme (IMSAS) has submitted an interim report after its week long audit of the Nigerian

...towards a better life for the people VOL. 25: NO. 63051

maritime sector. He called on Maritime stakeholders especially Nigerian Maritime Administration and Safety Agency (NIMASA) to develop and formalise a long term

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strategy for the implementation of IMO instruments in the country. Presenting the interim report, Cahit harped on the need for the Agency to develop its systems.

He noted that NIMASA has no problems with human resources as he lauded the expertise, competence and

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ONLINE | www.vanguardngr.com

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THURSDAY, JUNE 16, 2016

Stocks surge as CBN releases new forex rules •Introduces Futures forex trading •Creates primary, non-primary dealers •New regime takes effect Monday •Stock market gains N294bn •Morgan Stanley isolates Nigeria from global market •Economy: FEC okays more external borrowing >>9

By Emeka Anaeto, Economy Editor, Emma Ujah, Babajide Komolafe, Peter Egwuatu & Nkiru Nnorom

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AGOS — THE Nigeria stock market, yesterday, gained N294 billion in reaction to the decision of the Central Bank of Nigeria, CBN, to allow market forces determine the Naira exchange rate in a new single Continues on page 5

OSUN HIJAB CRISIS:

Gov orders controversial school shut >>11

Mr & Mrs PROTEST: Members of the Nigeria Labour Congress, NLC, in Oyo State during another round of protest in Ibadan, the Oyo State capital over the state government's alleged anti-workers policy, yesterday. Photo: Dare Fasube.

Obanikoro dares FG to extradite him from US >>9 COLUMNISTS:

June 12’s second annulment

•P.17

Edo Primaries: What role for money? •P.17

Nigeria does not know volume >>8 of oil it produces —NEITI Oando, USAID to educate displaced children in North-East >>39


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