SATURDAY 4TH JULY 2020

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In Pursuit of Convergence, CBN Adjusts Official FX Rate Towards Market-led I&E Official SMIS window moves to N380/$1 as I&E window trades at N386/$1 Obinna Chima The Central Bank of Nigeria (CBN) yesterday took another step towards unifying the naira exchange rate by adjusting the rate at the official Secondary

Market Intervention Sales (SMIS) to N380/$1. The rate was formerly N360/$1. Many officials of the central bank confirmed this in a chat with THISDAY last night. One of the officials

explained: “Yes, it is aimed at moving the rate closer to that of the Investors and Exporters (I&E) window, which traded at N386/$1 yesterday. From time to time, adjustment would continue

to happen, either upward or downward in line with market fundamentals. Certainly, no single rate can be achieved, but we would keep moving towards I&E rate.” With this N20 adjustment

at the official SMIS window, it means more money for states and the federal government at the monthly Federation Account Allocation Committee (FAAC) meetings, which will cushion the impact of the

current lower oil prices. The latest development comes about 10 days after the CBN Governor, Mr. Godwin Emefiele, told some Continued on page 5

NSIA Records N34bn Profit, Grows Total Assets to N649bn… Page 6 Saturday 4 July, 2020 Vol 25. No 9217

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Sanwo-Olu: Churches, Mosques to Remain Shut in Lagos Cases hit 27,564, with 11,069 discharged and 628 deaths FAAN rolls out guidelines for air travellers Segun James and Chinedu Eze

leaders in the state, when he announced that places of worship would remain closed Governor Babajide Sanwo-Olu until further notice, even as of Lagos State, yesterday he disclosed that schools dashed the hope of religious would resume on August 3

for graduating students. The governor, who made this known during his 16th coronavirus briefing as Incident Commander, also said all public events remained

suspended. Meanwhile, the 454 new cases of COVID-19 recorded in Nigeria yesterday have taken the tally to 27,564, with 11,069 discharged and 628 deaths.

Sanwo-Olu's decision is coming on the heels of calls by religious leaders that places of worship should be considered essential services and should be allowed to re-open.

According to him, all social and events centres and social clubs will also remain closed, for now, Continued on page 5

Battle Royale as Wike Leads PDP Campaign in Edo State Wike: I’m fully prepared for the job; my task is to ensure APC fails PDP claims APC planning to use Ganduje, Uzodinma, Bello to derail election APC: PDP intimidated by our formidable campaign structure Chuks Okocha and Adedayo Akinwale in Abuja The National Working Committee (NWC) of the Peoples Democratic Party (PDP) yesterday appointed Governor Nyeson Wike of Rivers State as the Chairman of its Edo State Governorship Campaign Council, with Governor Ahmadu Fintiri of Adamawa State as his deputy. Wike, who spoke to THISDAY last night, expressed appreciation to the party for selecting him to lead the Edo campaign and said he was fully prepared for the job. The governor declared: “I have accepted the job given to me by my party and I am fully prepared for the task. I have a mandate to ensure that PDP wins the governorship election. I must defend what is right. I am waiting for the Continued on page 5

WAR AGAINST COVID-19... Governor Babajide Sanwo-Olu of Lagos State, with some members of his cabinet, during his 16th briefing on Coronavirus as the Incident Commander, at the State House, Marina, Lagos…yesterday


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