It's a disgrace 27 states can't pay salaries —Buhari

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CBN opens discount window as interest rate hits 74% By Babajide Komolafe

L

AGOS — THE Central Bank of Nigeria (CBN), yesterday, opened its discount window in

apparent bid to save the banking system from scarcity of funds which sent interbank interest rate to 74 percent at the close of business. The discount window is the medium through

•Naira appreciates to N283/$ which banks use financial instruments like treasury bills, to borrow from the CBN on short term basis to meet

...towards a better life for the people VOL. 25: NO. 63056

temporary cash shortages. Meanwhile, the naira appreciated to N283 per dollar, yesterday, in the

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revived interbank foreign exchange market while competition for funds in the money market intensified, sending interest rates to 68 per cent.

The decision of the CBN to sell $4.2 billion to clear backlog of matured foreign exchange obligations had triggered intense demand for funds in the Continues on page 4

ONLINE | www.vanguardngr.com

N200

THURSDAY, JUNE 23, 2016

It's a disgrace 27 states can't pay salaries —Buhari By Levinus Nwabughiogu

•Vows to fight corruption to standstill ‘27 out of the 36 states couldn’t pay salaries. This is a disgrace to Nigeria. It is a disgrace. Up till now, most of the states cannot pay salaries.'

A

BUJA — PRESIDENT Muhammadu Buhari, yesterday, said it was a national disgrace that Continues on Page 5

Ambassadorial nominees:

Senate vows not to commence screening 9

Health sector crisis deepens as JOHESU begins strike

13 Mr & Mrs ACCIDENT: Scenes of an accident involving a fuel tanker at Kara-Ibafo along Lagos-Ibadan expressway, yesterday. Lamidi Bamidele.

Story on Page 7.

COLUMNISTS:

Photos:

Buhari orders transfer of policemen from N-Delta

Ode to MKO: A Beyond Buhari’s Nigeria cannot parody of •Over alleged compromise with militants Tom-and-Jerry with be broke Shakespeare •P.19 •P.19 Fayose 8 •P.17


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