CBN Demands Transaction Evidence on All Divestments, Repatriation of Foreign Investments James Emejo in Abuja The Central Bank of Nigeria (CBN), yesterday clarified that every divestment or repatriation of foreign
investment, be it a preliquidation or matured investment, should present documented evidence. These evidence of electronic Certificate of Capital
Importation (CCI) as well as evidence of redemption of investment in local currency assets (money market instrument, debt securities, equities among others).
The apex bank provided the clarification in a correspondence titled, "Circular on Memorandum 20-22 of the Foreign Exchange Manual", dated August 8,
2024, and signed by CBN acting Director, Trade and Exchange Department, Dr. W.J. Him, which was addressed to all Authorised Dealer Banks (ADBs) and the public.
Essentially, the circular explained that the Foreign Exchange Manual, Memorandum 20 section 2 (vi) Continued on page 5
Telcos, 36 Govs Chart New Course for RoW Permit, Network Expansion Plan... Page 8 Friday, August 9, 2024 Vol 29. No 10712. Price: N400
www.thisdaylive.com TR
UT H
& RE A S O
N
Gov Sule Confirms THISDAY’s Story, Says N573bn was World Bank Loan, Not Grant By FG to States to Cushion Current Hardship... Page9
Dangote Refinery Insists No Backtracking on Accusation of Oil Producers’ Reluctance to Supply Crude Emmanuel Addeh in Abuja The management of the Dangote refinery yesterday
said it had not backtracked on its position that oil producers were under-supplying the 650,000 barrels per day facility
located in Lagos. In a statement, the company maintained that the Nigerian National Petroleum Company
Limited (NNPC) only supplied 60 per cent of the 50 million barrels lifted. According to Dangote
refinery, in September, whereas its requirement is 15 cargoes from the national oil company, only six were allocated by the
NNPC. The company also raised Continued on page 5
Idris: Fuel Subsidy Removal, Forex Windows Unification Aimed at Rescuing Nigeria’s Economy Obaigbena simultaneous introduction of policies overwhelmedmarkets markets Obaigbenasays says unsequenced implementation overwhelmed Chinedu Eze The Minister of Information and National Orientation, Mohammed Idris, yesterday argued that the removal of petrol subsidy as well as merging of the foreign exchange windows were meant to rescue Nigeria’s economy from failing. However, the Chairman of THISDAY and Arise TV Media Group, Prince Nduka Obaigbena, maintained that by announcing the two reforms at the same time, the economy was overwhelmed because at the time the subsidy was removed, Nigeria needed a stable exchange rate to modulate the economy. The minister and Obaigbena spoke during Idris’ visit to the Arise TV office in Ikoyi, Lagos. Idris stressed that Tinubu Continued on page 5
COURTESY VISIT TO ARISE NEWS...
L-R;: Special Adviser on Information and Strategy to the President, Mr. Bayo Onanuga; Minister of Information, Mohammed Idris; and Chairman, THISDAY Newspapers/Arise News Group, Prince Nduka Obaigbena, during the visit of the minister to Arise News in Lagos... yesterday ETOP UKUTT
Atiku Seeks Investigation into Killing of Young Protester in Zaria By Soldiers... Page 28