Excess Liquidity Weakens Naira Further at Parallel Market to N950/$1
Official, parallel market gap widens to N169 CBN resumes OMO auction IMF: Nigeria’s economic policies too loose to support nation’s currency Apex bank recorded over N103.85bn profit in 2022
James Emejo in Abuja, Nume Ekeghe and Ugo Aliogo in Lagos The naira depreciated further in the parallel market yesterday, as it traded
at N950/$1 in Lagos, compared with the N930 to a dollar it went for the previous day. However, on the Investors and Exporters’ (I&E) window, the naira
closed at N781/$1 compared with its opening rate of N782/$1. This was just as the International Monetary Fund (IMF), yesterday, said Nigeria’s loose fiscal and monetary
policies were creating excess liquidity, making it difficult for the naira to stabilise against the dollar two months after authorities allowed the currency to trade freely.
In the same vein, analysts attributed the depreciation of the naira to excess cash in the system, which some specifically accused the state governors of using to mop up
dollars, thereby putting pressure on the foreign exchange (FX) market. “What we are seeing in the Continued on page 5
Illegal Possession of Firearms: Court Fixes August 15 to Hear Emefiele, FG’s Applications... Page 5 Friday 11 August, 2023 Vol 28. No 10348 . Price: N250
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UNICEF Advocates for Six Months Paid Maternity Leave for Working Nursing Mothers... Page 12
Tinubu Rejoices with Doyen of Accounting, Akintola Williams at 104 Extols virtues of Sheik Hafeez Abou at 101 ICAN laments falling interest in accounting profession, commends Diri for boosting enrollment Deji Elumoye in Abuja and Dike Onwuamaeze in Lagos President Bola Tinubu has rejoiced
with the doyen of accounting in Nigeria and Africa, Chief Akintola Williams, as he celebrates 104th birthday.
The president, in a statement issued by his Media Adviser, Ajuri Ngelale, shared the special moment with all friends and professional
associates of the elder statesman, whose vision and resilience had altered the history of Nigeria for the better, by establishing the
first indigenous accounting firm in Africa, Akintola Williams & Co., in 1952, which has extended services to many countries.
Tinubu affirmed the historic role of Williams in the establishment of Continued on page 5
Niger: ECOWAS Deploys Troops, Ready for Diplomacy, Peace Nigerian president says initial ultimatum yielded no result We are ready, declares Nigeria air force Story on page 5 Afenifere, CAN, others insist military action is no option
SECOND SPECIAL ECOWAS MEETING ON NIGER CRISIS... L - R : President Alasane Ouattara of Cote D'Ivoire; President ECOWAS Commission, Omar Toure; ECOWAS Chairman/President Bola Tinubu; President Faure Gnassingbe Eyadema of Togo and President Macky Sall of Senegal; 2nd Row: President. Umaro Mokhtar Sissoco of Guinea Bissau; President Julius Maada Bio of Sierra Leone; President Patrice Talon of Benin Republic and President Nana Akufo-Ado of Ghana during the ECOWAS 2nd Extraordinary Summit on the Political Situation in the Republic of Niger held in Abuja.... yesterday . GODWIN OMOIGUI