Dollar Glut Hits Forex Market as Naira Strengthens to N363/$
Obinna Chima
The impact of the sustained dollar supply by the Central Bank of Nigeria (CBN) has continued to have positive effect on the foreign exchange (forex) market as the sell side of the Naira exchange rate against the
Dollar appreciated significantly by N12, to close at N363/$ on the parallel market yesterday, as against the N375/$ it was the previous day. Also, the buy rate of the greenback closed at N369 to the dollar yesterday, stronger than the N382 to the dollar it
was previously. The latest gain recorded on the forex market shows a gradual move towards rate convergence in the forex market, which is the target of the apex bank. The CBN has injected about $5 billion into the forex market
since February, in a bid to ensure stability in the forex market. This week, it injected $482.6 million into the market. This, the bank had said underlined its determination to guard the value of the naira. A breakdown of the intervention this week
had indicated that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while $100 million was offered in the Wholesale SMIS auction window. In addition, the Small, Medium and Enterprises (SMEs) window got an allocation of $52
million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated the sum of $45 million. Continued on page 10
Bello: My Ghost, Not Me, Made Double Registration ... Page 16 Saturday 03 June, 2017 Vol 22. No 8080. Price: N250
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Governors Move to Douse Political Tension, Promise to Pay Backlog of Salaries But ties payment to next tranche of cash from Paris Club
Onyebuchi Ezigbo in Abuja Governors of the thirty-six states of the federation have
constituted a committee to work towards the reconciliation and the betterment of the country. In this regard, the gover-
nors, under the auspices of the Nigeria Governors Forum (NGF), said they have resolved to offset the backlog of salaries and pension arrears owed civil
servants in the country as soon as the next tranche of payment from the Paris-London Club loan refunds were made. A statement from the NGF
statement reads: "The governors who are not oblivious of the hue and cry over the non-payment of the backlog of salaries and pension arrears
and the precarious predicament of the Nigerian worker deliberated on the matter and Continued on page 10
Adebanjo: Nigeria Will Know No Peace, Stability Until We Return to True Federalism Yemi Adebowale and Bennett Oghifo
Elder statesman and a chieftain of the pan-Yoruba socio-cultural group, Afenifere, Chief Ayo Adebanjo has warned that Nigeria would know no peace and stability until the country is returned to true federalism. The 89-year-old Adebanjo, who spoke to THISDAY early this week, said the full implementation of federalism remained the key element for repositioning and cementing the unity of the country, “with every unit truly autonomous and strong enough to stand on its own; where the federating unit will be complementary to the federal government and not subordinate.” Adebanjo, who was also a chieftain of the defunct National Democratic Coalition, (NADECO) lamented that the military de-structured Nigeria and that this was the origin of the current political logjam in the country. He said: “After the military Continued on page 10
HOMAGE TO THE LAMIDO AWAMAWA...
Former Vice President and the new Wazirin Adamawa. Atiku Abubakar paying homage to the Lamido Adamawa, Dr Barkindo Aliyu Musdafa, at his palace in Yola, shortly after the end of Jumat prayers ...yesterday
IGP Laments Underfunding of Police, Revives Trust Fund Bill ...Page 14