IMF Salutes FX Unification as Naira Rises to N663/$1 at I&E Window Nume Ekeghe The International Monetary Fund (IMF) yesterday applauded the federal government for its decision to unify forex exchange rates by operating a free-floating exchange determined by the market. The Central Bank of Nigeria had
on Wednesday collapsed all its multiple official FX exchange rates into the Investors and Exporters (I&E) window. The IMF Representative in Nigeria, Mr Ari Aisen in a statement to THISDAY noted that this development had been a longstanding recommendation to
Nigeria and that the Fund is ready to provide technical assistance to enable this policy to succeed. This is just as the Naira appreciated at the I&E window yesterday to N663/$1 from N702/$1 it closed the previous day, indicating a N39 gain for the Naira.
Ari stated: “The Fund greatly welcomes the authorities’ decision to introduce a unified marketreflective exchange rate regime in line with our long-standing recommendations. We stand ready to support the new administration in its implementation of FX reforms.”
Also, on the parallel market, the nation’s currency appreciated by N2 from N762/$1 the previous day, to N760/$1 yesterday. It would be recalled that the Fund in its Article IV Consultation with Nigeria released in February this year had recommended the removal of fuel subsidies,
unification of exchange rates, and an array of fiscal reforms which the current administration in its early days is already implementing. The IMF in that recommendation stated: “Directors encouraged Continued on page 5
NJC Dismisses Petition against Mary Odili, Approves 9 Judges for Appeal Court...
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Saturday 17 June, 2023 Vol 28. No 10293
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Four More Countries Show Interest in $25bn Nigeria-Morocco Gas Pipeline...
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Grant Emefiele’s Lawyers, Family, Access to Him, Court Orders DSS It's constitutional right of suspended CBN governor, Justice Muazu stresses Alex Enumah in Abuja Justice Hamza Muazu of a High
Court of the Federal Capital Territory (FCT) has ordered the Director General of the
Department of State Services (DSS), to, immediately grant the lawyers and family members of
the detained suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele
unhindered access to him. The order was sequel to an exparte application brought on
behalf of Emefiele and argued Continued on page 5
Sultan, Okoh: Nigeria, a Secular State, No Religion is Superior Say statements that give impression of religious dominance, superiority in the country reprehensible Onyebuchi Ezigbo in Abuja The Nigeria Inter-Religious Council (NIREC) yesterday reiterated the constitutional secularity of the country and added that no religion is superior to the other. NIREC made the submissions in a joint statement by the cochairmen of the body - President of the Christian Association of Nigeria, Daniel Okoh and President-General of the Nigerian Supreme Council for Islamic Affairs, Muhammed Sa’ad Abubakar. While affirming that Nigeria is a multi-religious state under God, the organisation called on religious leaders to resist political manipulation of religion that could lead to anarchy. The NIREC co-chairmen said they were disturbed by the ugly trend occasioned by the hate
speeches before and after the 2023 elections. The statement said, “Weaponising religion for selfish, political gains is capable of causing religious conflict in Nigeria. NIREC therefore condemns, in strongest terms, the statements that give the impression that one religion is superior to the other. NIREC affirms that Nigeria is a multireligious state under God. “NIREC condemns statements that give the impression of religious dominance and superiority in the country. We wish however that every Nigerian could be a true Christian or a true Muslim as that would promote the religious values that could transform the nation. Given that most politicians in Nigeria practice one religion or Continued on page 5
BRAINSTORMING ON WAY FORWARD… L-R: President Bola Tinubu and President, Dangote Group, Aliko Dangote, during Aliko’s visit to the Presidential Villa, Abuja...yesterday.
GODWIN OMOIGUI