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news you can trust I ** friDAY 24 april 2020 I vol. 19, no 549
Foreign investor dollars in lockdown in Nigeria debt market
F
oreign investors are trapped in Nigeria’s debt market as dollar liquidity dries up due to a lack of fresh inflows, reports Bloomberg. Some bondholders who sold local-currency securities in March have been unable to repatriate their proceeds weeks after. Dollar inflows in Africa’s largest oil-producing nation have taken a hit from a plunge in crude, which accounts for 90 percent of foreign-exchange earnings. The investors and exporters market where foreigners buy dollars is trading $20 million a day on average compared with when it used to trade $300 million to $400 million per day two months ago, Akinbamidele Akintola, Stanbic IBTC equity analyst, said by phone. “Everyone is a buyer of dollars but there is hardly any seller” after the central bank stopped
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COVID-19: How essential workers battle odds to provide services ODINAKA ANUDU, BALA AUGIE, ISAAC ANYAOGU, ANTHONIA OBOKOH, DIPO OLADEHINDE, MICHAEL ANI , BUNMI BAILEY & OLUFIKAYO OWOEYE
I
n a group photo taken last week, health workers at Lagos Teaching Hospital held placards which read: “We stay here for you. Please stay home for us”. In the raging battle to contain the novel coronavirus, COVID-19, health workers have
become the face of those at the frontline. Several others, though less visible, are working daily too to keep the light on, fuel in cars and generators, and steady supply of food and drugs. Lagos, Ogun and Abuja, Nigeria’s federal capital, are together home to almost a third of the
population and account for a significant proportion of the economy. They are at the centre of partial lockdown Nigeria is implementing in a bid to slow the spread of the coronavirus in Africa’s most populous country. The almost one month-long lockdown has halted move-
ments, except for those who provide essential services. Health care workers in Nigeria, the most visible and directly involved in the battle, are putting their lives on the line in the fight against the coronavirus pandemic, despite the dearth of personal protective equipment Continues on page 27
Continues on page 27
Inside
Over 40 health workers test positive for COVID-19 – Health minister P. 2 APM Terminals Apapa lifts port operations with N33.6bn investment P. 2 in upgrade
L-R: Cyril Okoro, commissioner of police, Port Authority Police, Western Command, Apapa, Lagos; David Skov, head of terminals, Africa and Middle East region, APM Terminals; Hadiza Bala Usman, managing director, Nigerian Ports Authority (NPA); Onari Brown, executive director, marine and operations, NPA, and Martin Jacob, managing director, APM Terminals Apapa, at the commissioning of two new multimillion-dollar state-of-the-art Mobile Harbor Cranes acquired by APM Terminals Apapa, in Lagos, yesterday. Pic by Olawale Amoo