CBN Intervenes at N380/$1 on I&E, BDC Windows Devalues official rate from N306/$1 to N360/$1 effective Monday
Obinna Chima and Dike Onwuamaeze The raging effect of the COVID-19 pandemic which has damaged appetite for assets across the world, as
well as the significant crash in the price of crude oil, have forced the Central Bank of Nigeria (CBN) to technically devalue the Naira exchange rate. Going forward, the Naira/
Dollar exchange rate on the Investors and Exporters' (I&E) window is now pegged at $380 to a dollar and would be allowed to freely move around the targeted band, THISDAY gathered from a reliable CBN
source. The Naira closed at N372 to a Dollar on the I & E window yesterday. "You may choose to call it technical devaluation if you like, but all I am saying is that there's an adjustment in I &
E window of the market to reflect developments foisted on the market by the COVID-19 crisis. "So, what we have done is to allow the Naira mirror developments in the market-
determined I &E window," the source explained. In addition, the source told THISDAY that from Monday, the exchange rate for the USD Continued on page 5
FBI-Indicted Nigerians Jailed over N322m Fraud…Page 14 Saturday 21 March, 2020 Vol 25. No 9112
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COVID-19: Italian Index Case Recovers, Discharged FG adds Austria, Sweden to travel ban list Death toll surpasses 10,000 worldwide NMA directs doctors to suspend strike Sanwo-Olu orders arrest, dispersal of large gatherings Okowa: Vessels arriving Delta ports to observe 14-day quarantine Sirika: Lagos, Abuja airports may be shut later NCDC warns against use of Chloroquine for treatment WAEC postpones examination Fayemi directs Ekiti civil servants to work from home WHO: 20 vaccines being developed to tackle virus Italy’s death toll surpasses 4,000 Omololu Ogunmade, nyebuchi Ezigbo and Olawale Ajimotokan Omololu Ogunmade in Abuja, Segun James in Lagos, Victor Ogunje in Ado Ekiti The Italian that brought Coronavirus to Nigeria has fully recovered and has been discharged. Lagos State Governor, Babajide SanwoOlu, who broke the news to THISDSAY last night, said the Italian tested negative to the virus twice and was thus allowed to go home. On the same day, the Nigerian government announced the inclusion of Austria and Sweden on the list of countries affected by the coronavirus travel ban, while the Minister of Aviation, Hadi Sirika, stated that the Murtala Muhammed International Airport, Lagos and the Nnamdi Azikiwe International Airport, Abuja
might eventually be shut, as part of measures to contain the virus. The number of people who have died as a result of the coronavirus pandemic globally has now exceeded 10,000, with more than 232,000 infected in 158 countries and territories, according to an Agence FrancePresse (AFP) tally based on official data, as at yesterday morning. "You can quote me, he has been discharged. He is now clean of the virus," the governor told THISDAY. The Italian, Nigeria’s index case of coronavirus, flew into the country from Milan on February 24. He had lodged at a hotel close to Murtala Muhammed International Airport in Ikeja, Lagos, before moving to Ewekoro in Ogun state, the next day, for a job at the Continued on page 5
A PLEDGE OF LOYALTY... L-R: The new Deputy National Chairman (South) of the All Progressives Congress (APC), Senator Abiola Ajimobi; President Muhammadu Buhari and the National Chairman of the party, Adams Oshiomhole, during the formal presentation of Ajimobi to the President, at the Presidential Villa, Abuja ....yesterday godwin omoigui