Read today's newspaper headlines [Monday, June 20, 2016]

For today, June 20, 2016

VANGUARD NEWSPAPER

Alleged forgery: It’s coup against legislature – Senate

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 the Senate, Senators Bukola Saraki, and Ike Ekweremadu.

In a strongly worded statement, yesterday, the Senate called on President Muhammadu Buhari to rein in the Attorney General, Mr. Abubakar Malami, and other senior officials of the All Progressives Congress, APC, who it claimed were seeking to use the courts to obtain what they failed to get during the Senate leadership election. READ MORE

Controversy forces CBN to amend new forex policy

A major controversy has hit the new foreign exchange policy announced by the Central Bank of Nigeria, CBN, last week, a 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 banks and traders. READ MORE

Obanikoro could face extradition from America – US Justice Dept

The U.S. Justice Department has said former Minister of State for Defence, Mr. Musiliu Obanikoro, could be extradited to the country to stand trial as long as the Federal Government follows the due process to make this possible.

Obanikoro had last week, dared the federal government to extradite him from the U.S, his current place of residence, following the invasion of his home in Lagos by operatives of the Economic and Financial Crimes Commission, EFCC, who made away with cars and other valuables. But Peter Carr, an official at the United States Department of Justice, DOJ, said the former minister’s extradition from the U.S. was possible provided the Federal Government did the needful. READ MORE

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BUSINESS DAY NEWSPAPER

What to expect as interbank FX market re-opens today

As Nigeria today embarks on a historic move to re-open the interbank foreign exchange (FX) market and have the value of its currency, the naira (NGN) completely determined by market forces, analysts say to expect initial wild volatility and a currency that trades much higher than parallel market levels. Nigerian bank treasurers including, Michael Anyimah,… READ MORE

FMCG firms set to resume expansion on FX flexibility

Fast Moving Consumer Goods (FMCG) firms operating in Africa’s largest consumer market are expected to resume long stalled expansion plans following today’s reopening of the interbank foreign exchange (FX) market. With the adoption of a market driven FX policy, analysts say firms ranging from Nestle to Unilever, whose profit margins and inventory levels had nosedived… READ MORE

FX speculators hit as naira firms on CBN liquidity mop up

The Central Bank of Nigeria (CBN) may have succeeded in checking speculators at the Foreign Exchange (FX) market who hitherto bet on naira devaluation as naira shortage at the parallel market is squeezing dollar demand. Africa’s biggest economy today launched its FX interbank trading window in line with the apex bank’s decision for a free-floating… READ MORE

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THE PUNCH NEWSPAPER

Forgery case against Saraki, Ekweremadu, a coup –Senate

The Senate on Sunday described the forgery case initiated by the office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, against principal officers of the Senate as a coup against the legislature.

It claimed the move was aimed at subjecting the National Assembly to the control of the executive.

The upper chamber also accused the executive arm and some unnamed party leaders of instituting the case to ensure that Senate President Bukola Saraki and his deputy, Ike Ekweremadu, were remanded in prison and prevented from presiding over the affairs of the Senate. READ MORE

Death toll in Benue herdsmen attack hits 59

At least, 59 persons were late Saturday night and early hours of Sunday allegedly killed following the renewed hostilities between suspected Fulani herdsmen and farmers at Turan Council ward of Logo Local Government Area of Benue State.

Our correspondent learnt that the attack also left so many members of the community with varying degrees of injuries while several others were still reported missing and property worth millions of naira destroyed.

According to a source, the suspected armed herdsmen stormed the Gabo Nenzev community in large numbers from the neighbouring Nasarawa State, shooting sporadically and burning down houses at the time of filing this report. READ MORE

Buhari returns, challenges journalist to wrestling contest

President Muhammadu Buhari on Sunday returned to Nigeria after spending 14 days in London, United Kingdom.

In a short interaction at the airport, Buhari challenged one of the State House correspondents, who asked him about his state of health, to a wrestling contest.

“You know I am taller than you. Do you want to wrestle me?” the President asked in Hausa language.

He had earlier told the journalists that they could see him while he was inspecting the guard of honour, an indication that his health was in perfect condition.

“I am okay. You can see me inspecting the guard of honour. You have seen me, you saw me when I was going. You can do the assessment yourself,” he said. READ MORE

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THE NATION NEWSPAPER

15 die in Lagos-Ibadan expressway crash

Fifteen people yesterday died in a multiple auto accidents on Lagos-Ibadan expressway.

It involved a truck, a fuel tanker and a commercial bus.

The accident, which occurred at the Fidiwo-Ajebo, Ogun State stretch of the Lagos-Ibadan Expressway, left 14 passengers and driver of the commercial bus dead on the spot.

The truck was marked AJG 40 XA and fuel tanker has registration number RAN 571 XA. The passenger bus was marked (LAGOS) AGL 373 XR.

It was learnt that the accident occurred, when the driver of the fuel-laden truck moving in the direction of Ibadan, Oyo State, attempted to overtake another truck at a road diversion point. READ MORE

Senate: AGF leads plot to jail Saraki, Ekweremadu

Apparently shocked that the stage is set for the trial of its key officials for alleged forgery, the Senate has launched a battle to stave off a major crisis.

It yesterday accused the Executive of attempting to force out its leaders and named Attorney General Abubakar Malami leader of the plot. President Muhammadu Buhari, the Senate said, should tell Malami to pull the brakes on the plot.

In a statement, Media and Public Affairs Committee Chairman Senator Sabi Abdullahi said the reopening of the case by the police posed a danger to the autonomy of the legislature. READ MORE

N350/dollar interbank exchange likely today

With the flexible foreign exchange policy driven by the Central Bank of Nigeria (CBN) opening today, analysts have predicted a volatile and interesting trading for the day.

The interbank market, which opens by 9.00am and closes at 2.00pm, will see the naira-dollar exchange rate in a volatile state. The local currency is likely to exchange around N340/N350 against the greenback, it was predicted yesterday.

The CBN, three weeks after the Monetary Policy Committee’s (MPC) consensus decision to adopt a flexible exchange rate system, announced the re-introduction of a market-driven two-way quote single Interbank Foreign Exchange (FX) Market last Wednesday. The policy shift is against the CBN’s long-held stance of maintaining naira-dollar peg at N197/$1. READ MORE