WEDNESDAY 13TH JUNE 2019

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Denying Bloomberg Report, CBN Not Floating the Naira Says no change in exchange rate structure Obinna Chima The Central Bank of Nigeria (CBN) yesterday refuted reports that it had floated the naira, Nigeria's currency.

The Director, Corporate Communications, CBN, Mr. Isaac Okoroafor, stated this in a text message to THISDAY, in reaction to a Bloomberg report that the bank had signaled

it would float the naira and allow it to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates. But the CBN spokesman

who described the report as false, said the naira exchange rate remained stable. Okoroafor reaffirmed the bank’s commitment towards ensuring stability in foreign

exchange market. “There has been no change in Nigeria's exchange rate structure. The CBN has not floated the naira. The exchange rate remains stable.

Speculations and reports to the contrary are false,” Okoroafor said in response to the Bloomberg report. Continued on page 6

2019 Budget Threatened as Oil Price Slumps to $60…

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Thursday 13 June, 2019 Vol 24. No 8830. Price: N250

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S’Court Verdict: Awomolo Faults Sagay on Rivers, Zamfara APC Elections... Page 40

Buhari: We Will Lift 100m Nigerians Out of Poverty To assemble strong team to drive transformation agenda Renames Abuja National Stadium after Abiola Blames political, religious leaders for insecurity Omololu Ogunmade and Kingsley Nwezeh in Abuja President Muhammadu Buhari yesterday set a 10-year target for Nigeria to lift at least 100 million of its people out of poverty. The president, in his inaugural address for a second

term in office delivered in Abuja, said his administration would thenceforth begin to lay the foundations for accomplishing the poverty redemption goal by offering a leadership with a sense of purpose. Continued on page 6

Oando: Court Allows Tinubu to Seek Judicial Review of SEC’s Sanctions Davidson Iriekpen

A Federal High Court sitting in Lagos, has granted the Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu and his deputy, Mr. Omamofe Boyo, leave to file a motion for a judicial review of the sanctions the Securities and Exchange Commission (SEC) imposed on them.

Tinubu and Boyo, through their counsel, had approached the court for an order to review their ban from being directors of public companies for five years and the additional imposition of N91,125,000 on Tinubu. Justice Ayokunle Faji granted the order of certiorari following

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INEC to Appeal Judgment on A TOAST TO DEMOCRACY… Speaker, House of Representatives, Hon. Femi Gbajabiamila; Senate President, Ahmad Lawan, Vice - President Yemi Osinbajo Okorocha’s Certificate of Return… Page 8 L-R: and President Muhammadu Buhari at the celebration of Democracy Day in Abuja… yesterday godwin omoigui


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