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Controversy forces CBN to amend new forex policy By Emeka Anaeto, Economy Editor
L
AGOS — A MAJOR controversy has hit the new foreign exchange policy announced by the Central Bank of Nigeria, CBN, last week, a
•Admits 15 banks instead of 10 into FXPD class development which may have forced the apex bank to amend the policy, even before take-off. The flexible exchange policy is taking off today.
The controversial aspect was the Foreign Exchange Principal Dealers, FXPD, arrangement under which the apex bank said
it would trade forex principally with about eight to 10 banks which it would register as principal dealers or FXPDs, who in turn would deal with other
...towards a better life for the people VOL. 25: NO. 63053
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banks and traders. Vanguard learned that about 13 banks shut out of the initial FXPD class have pressured the apex bank to either jettison
the FXPD arrangement or accommodate more or all banks, a request the apex bank was said to have accepted as a compromise, thereby, jettisoning its initial criteria for Continues on Page 8
ONLINE | www.vanguardngr.com
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MONDAY, JUNE 20, 2016
ALLEGED FORGERY:
It's coup against legislature —Senate
By Emmanuel Aziken, Political Editor, Henry Umoru & Joseph Erunke
•Blasts Presidency, says maturity should not be seen as weakness •I've not been served any invitation —Ekweremadu
A
BUJA — THE Senate, yesterday, strongly rebuffed what it termed a strong attempt to cripple the legislative arm of government through alleged plans to imprison the two presiding officers of
Continues on Page 6
Obanikoro could face extradition from America — US Justice >9 Dept
Mr & Mrs ARRIVAL: President Muhammadu Buhari arriving Nnamdi Azikiwe International Airport, Abuja, yesterday, after a 10-day vacation in London. He said I am back, I am okay. SEE STORY ON PAGE 8.
N1.04TRN MTN FINE: Senate summons AG, CBN gov, others COLUMNISTS:
Economy: The
We are very optimistic about growth in Nigeria
Attempts to Frank Li •P.35 skin the Labour floodgates Director, Minister •P.33 have been•P.32 Managing Huawei Nigeria
breached
>9
Edo APC primaries: It's victory for all of us — OBASEKI >41