CBN Begins Clearing of $2bn Forex Backlog Obinna Chima In line with its earlier promise to foreign portfolio investors (FPIs), the Central Bank of Nigeria (CBN) has started the sale of foreign exchange (FX) to banks to clear the backlog of
demand in the market, which currently stands at $2 billion. THISDAY gathered that the apex bank is utilising the strategy of a combination of spot and 150-day forward sales to clear the accumulated FX demand.
The exercise, which commenced on Monday, has seen the bank selling $25 million daily and would continue weekly until the backlog is cleared, a source told THISDAY. “As it is now, all the
foreign portfolio investors are relaxed because of the intervention by the apex bank. They (CBN) have promised us that it would be weekly until everything is cleared,” a source told THISDAY. CBN Director, Corporate
Communications, Mr. Isaac Okoroafor, who confirmed the clearance, said: “We have always said that once we understand the depth of the situation fully, we would start intervening. So, we have started clearing the
FX backlog.” THISDAY also gathered that in order to stimulate FX liquidity, CBN has also been intervening at the Investors and Exporters’ (I&E) window, Continued on page 8
Gbajabiamila Optimistic about Peaceful Resolution of Nigeria, Ghana Row... Page 6 Thursday 3 September, 2020 Vol 25. No 9278. Price: N250
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Seeking Peace, Oba of Benin Chides Obaseki, Ize-Iyamu over Electoral Violence Warns kingmakers against making political statements Urges candidates to emulate Buhari, Jonathan No cause for alarm, Edo CP assures monarch Adibe Emenyonu in Benin City Oba of Benin, Omo N'Oba N'Edo Uku Akpolokpolo, Oba Ewuare II, yesterday rebuked politicians in the state, particularly the governorship candidates of the Peoples Democratic Party (PDP), Governor Godwin Obaseki, and the All Progressives Congress (APC), Pastor Osagie Ize-Iyamu, for the pre-election violence and belligerent
electioneering utterances, threatening to tear the state apart ahead of the September 19 election. However, the state Commissioner of Police, Mr. Johnson Kokumo, has assured the monarch and the people of adequate security, saying there's no cause for alarm. “The utterances, statements and activities that I hear [are] most immature,” the Continued on page 8
Buhari Laments Destruction of Lives, Farmlands in Kebbi Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday expressed concern over the heavy floods, which destroyed lives, submerged thousands of hectares of farmlands and houses in Kebbi State. The flood, according to a
statement by the presidential spokesman, Malam Garba Shehu, also destroyed farm produce and personal belongings in the affected communities. He quoted the president as saying, "I am particularly sad Continued on page 8
ROYAL INTERVENTION… L-R: Governorship candidate, All Progressives Congress, Pastor Osagie Ize-Iyamu; His Royal Majesty, Oba of Benin, Oba Ewuare II; Edo State Governor and gubernatorial candidate of the Peoples Democratic Party, Mr. Godwin Obaseki, at a peace meeting with the monarch in Benin City…yesterday
Northern Lawyers Rally Support for NBA, Disown Splinter Group... Page 5