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news you can trust I ** friDAY 01 may 2020 I vol. 19, no 554
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NGUS mar 31 2021 393.92
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omentum is building in government circles in Nigeria towards a marketdetermined foreign exchange management regime which will also see a convergence of the country’s multiple exchange rates, senior government offi-
cials told BusinessDay last night. Foreign direct investment (FDI) inflow has virtually dried up for Africa’s biggest economy with one of the deterrents of fresh inflows being the country’s resistance to have a marketdetermined rate for its currency. That may now be about to change with the clearest sign being a commitment made to the International Monetary Fund
(IMF) that Nigeria would seek a more flexible and unified naira to respond to the external shock inflicted by the coronavirus pandemic. BusinessDay also learnt from government sources that the reform of the foreign exchange market has been uppermost in recommendations of the Presidential Economic Advisory Council set up last year.
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“A unification of the multiple exchange rates will be a big boost for the economy,” said Ayodeji Ebo, managing director of Lagos-based investment bank, Afrinvest Securities Ltd. “There will be a reduction in foreign portfolio outflows and we will see fresh inflows. It will also reduce pressure on naira Continues on page 4
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For Nigeria, momentum builds towards market-reflective Fx rate
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NGUS mar 26 2025 413.36
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FG considers home care for COVID-19 patients as bed space becomes a challenge …receives interim report on Kano mass deaths, deploys medical team, equipment …Kano denies dumping COVID-19 infected Almajiri kids on Kaduna TONY AILEMEN, SOLOMON AYADO, INNOCENT ODOH, GODSGIFT ONYEDINEFU (Abuja) & ADEOLA AJAKAIYE (Kano)
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ederal Government says it is now considering allowing COVID-19 patients to be catered for at home as bed space becomes a challenge, particularly in Lagos, the epicentre of the disease in Nigeria. Chikwe Ihekweazu, directorgeneral, Nigeria Centre for Disease Control (NCDC), said at the daily briefing of the Presidential Task Force on COVID-19 on Thursday in Abuja that governContinues on page 4
Inside
Nigeria to make huge savings from merger, closure of MDAs P. 2
L-R: Herbert Wigwe, GMD/CEO, Access Bank plc; Ajoritsedere Awosika, chairman, and Sunday Ekwochi, company secretary, during the bank’s 31st Annual General Meeting (AGM) in Lagos, yesterday.
Nigeria risks 23% fall in GDP if COVID-19 outbreak, global economic recession P. 2 deepen – Dalberg