CBN Directs Banks to Bid for First Chinese Yuan Auction Finally, FAAC disburses N668bn for May
Chika Amanze-Nwachuku, Obinna Chima in Lagos and Ndubuisi Francis in Abuja
The Central Bank of Nigeria (CBN) yesterday commenced its intervention in the sale of
foreign exchange in Chinese Yuan (CNY), signaling the consummation of the bilateral currency swap agreement it signed with the People’s Bank of China on April 27. This is coming as the
Federation Account Allocation Committee (FAAC), after three inconclusive meetings scheduled to share allocations for the month of May, has finally distributed N668.898billion to the three
June allocation uncertain
tiers of government. Acting Director, Corporate Communications at the CBN, Isaac Okorafor said in a statement yesterday that the sales shall be through a combination of spot and short
tenored forwards. According to him, the exercise, which shall be Special Secondary Market Intervention Sales (SMIS) retail, would be dedicated to the payment of Renminbi denominated Letters
of Credit for raw materials, machinery and agriculture. He explained that the CBN would receive bids from all authorised dealers, further adding that due to the Continued on page 6
Adamawa Agog for Atiku’s 2019 Presidential Declaration… Page 8 Saturday 21 July, 2018 Vol 23. No 8493
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Vote Buying Undermined Legitimacy of Ekiti Election, Say International Observers Udora Orizu in Abuja
The National Democratic Institute (NDI) and the International Republican Institute (IRI), yesterday condemned vote buying
during the recent governorship election in Ekiti State. The groups said the monetisation of the election undermined its legitimacy and weakens representative
democracy. The international election observer groups noted that the practice had persisted because of the lack of enforcement of punishments for this electoral offense.
IRI Regional Director for Europe, Jan Surotchak, who made these observations at a joint press briefing in Abuja where he presented the verdict of the groups on the Ekiti governorship
election, expressed concern about the high level of vote buying. According to Surotchak, "Vote buying is an electoral offense; it also undermines the legitimacy of elections
and weakens representative democracy. During the July 14 gubernatorial elections in Ekiti State, the Watching The Vote (WTV) Continued on page 6
Presidency: Northern Elders Forum Angered by Inaccessibility to National Resources They’re shedding crocodile tears Buhari: I announced my 2nd term bid early in order to cool tempers Omololu Ogunmade in Abuja The Presidency yesterday in Abuja chided members of Northern Elders Forum (NEF) and other ethnic and regional leaders who recently met in Abuja to bemoan the spate of insecurity threatening the country, saying they are only angered by “inaccessibility to national resources.” Also yesterday, President Muhammadu Buhari said he
opted to declare his re-election bid early enough in order to cool tempers. The coalition of NEF and other socio-cultural groups from different parts of the country had lamented the alleged failure of the Buhari administration to stem the tide of killings across the country, describing the government as incompetent. Continued on page 6
Oyetola Wins APC Ticket for Osun A JOB WELL DONE… Governorship Election… Page 8 President Muhammadu Buhari with the Director General, Buhari Support Group, Umaru Dembo, during the visit of the National Executives of the group to the President at the State House, Abuja… yesterday
godwin omoigui
Remains of Former IGP Coomassie Buried in Katsina Amidst Eulogies… Page 6