Year: 2024
The world Bank List the Naira as one of Africa’s Worst-Performing currencies as it Depreciates by 43%.
One of the worst-performing currencies in Sub-Saharan Africa for 2024 is the Nigerian naira. This is in line with the most recent Africa's Pulse report from the World Bank. The naira has lost over 43% of its value so far this year, making it one of the weakest currencies, along with the South Sudanese pound and the Ethiopiabbirr, as of August 2024. The fall is ascribed to growing demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and delayed foreign exchange payments by the central bank. According to the research, the naira has been under further pressure from money managers, non-financial end users, and financial institutions that are driving dollar demand. The official exchange rate was liberalised in June 2023 as part of Nigeria's foreign exchange market reforms, but these measures alone haven't been enough to stabilise the currency. The naira's predicament has been made worse by broader economic issues, such as depleting foreign reserves and inflationary pressures. Nigerian consumers' circumstances have gotten worse as aresult of the currency's depreciation, which has had a major influence on local costs, especially for imported items. On October 14, the naira improved from N1,641.27/$1 to N1,552.92/$1, a 5.69% increase against the dollar, indicating a recent recovery. Nevertheless, during the same time frame, foreign exchange turnover fell by 44.27%. The World Bank predicts that as reforms take hold, Nigeria's economy will grow by 3.3% in 2024 and then slightly faster to 3.6% in 2025 and 2026. Inflation is still a problem, though, especially after fuel subsidies were eliminated in the middle of 2023, which tripled petrol prices and raised the cost of logistics and transportation nationwide.
12 Suspected Bandits Bodie Discovered in FCT Village Following Security Operation
On the finding of 12 bodies thought to be those of bandits, there was anxiety in the Tokulo hamlet of the Bwari Area Council in the Federal Capital Territory. On Tuesday morning, October 15, 2024, Jerry Alkali, the area councillor for the Igu Ward, told Daily Trust that the remains were still there. According to Alkali, locals contacted him Monday between 2 and 3 in the morning to express their fear at the frequent gunshot noises in the neighbourhood. He said,“No one could afford to sleep at the time due to the tension caused by the...
Reno Omokri Declares support for Tinubu over Atiku And Obi in 2027 Election.
Reno Omokri, a former PDP presidential spokesman, has declared that he will vote for President Bola Tinubu over former Vice President Atiku Abubakar (PDP) and Peter Obi (LP) in the 2027 election. Omokri, who fought for Atiku in the last election and was a staunch PDP supporter, took to X to explain why he switched ways. "If there are three names on the ballot in 2027 and they are as follows: Waziri Atiku Abubakar,...
Sir Alex Ferguson Barred from Man Utd Dressing Room After Losing £2.61m Ambassador Role
Following games, Sir Alex Ferguson and the Manchester United football board are not permitted to enter the Old Trafford locker room. It comes after the club's new part-owner, INEOS, stripped Ferguson of his multi-million-pound ambassadorial role as part of a comprehensive cost-cutting initiative. Since resigning from his management position eleven years ago, the renowned Scot has served as United's global ambassador. However, as part of Sir Jim Ratcliffe'scost-cutting measures, he will no longer get his high pay after the current season ends. Ferguson will no longer be permitted to visit the Manchester United dressing room at Old Trafford following games, it has also been revealed,the Daily Mail claims that as part of a policy change, he has been advised to refrain from entering the United dressing room. United claims that there is now a "collective understanding" about who is allowed inside thechanging room, but they deny that they have explicitly barred Ferguson from it. Dressing room visits have been a part of United's culture for decades, and this is the end of a long-standing tradition. Sir Bobby Charlton, Mike Edelson, and David Gill were all welcome to visit and talk to the players in the past. According to reports, Ferguson was advised of the changes in a face-to-face meeting with Ratcliffe, who also informed him that United was no longer able to guarantee his yearly compensation.
LG Poll: Two Igbo youths won in Plateau State council elections
The Plateau State Local Council elections have finished, with Austin Nwachukwu and Okoro Uzoma Anthony, two Igbo candidates for councillorship, emerging victorious. 304 councillors-elect around the state, including Nwachukwu and Uzoma, received certificates of return from the Plateau State Independent Electoral Commission on Monday. Abia State native Nwachukwu was chosen to represent Tafawa Bela Ward in the Jos North Local Government Area, while Imo State native Okoro was chosen to serve as a council member for Vanderpuye Ward in the same local government area. On the People's Democratic Party program, both were firmly established. As he presented the certificates at PLASIEC headquarters in Jos, the state capital, Plangji Cishak, the chairman of the commission, congratulated the newly elected council members on their success in last Wednesday's council elections. Nevertheless, the 21 ward elections yielded no clear winner, hence the council members representing those districts were not granted certificates of return. The PLASIEC chairman affirmed that on Saturday, October 19, a new election will be held in the impacted wards.
EFCC Agents break into an Enugu radio Station and take the Presenter Hostage during a live show.
At 6:45 p.m. on Monday, October 14, 2024, while the "Prime Time" program was in progress, EFCC agents raided Urban Radio 94.5fm in Enugu State and arrested presenter Favour Ekoh. The station confirmed the incident in a statement on Tuesday and apologised to its listeners for the disruption of the program. Urban Radio said that the agents allegedly "abducted presenters and seized communication equipment" without explaining their actions.“ The Board and Management of Urban Radio 94.5FM, Enugu regrets the abrupt halting and disruption...
man in Lagos fatally stabs his Cousin
Following a violent altercation between the two relatives on Monday, October 14, 2024, in Lagos State, a man known as Ganiyu Ibrahim fatally stabbed his cousin Afeez Akeem. The suspect remains at large, according to State Police Command spokesperson Benjamin Hundeyin, who confirmed the incident to Punch. The PPRO stated that the police received a report from a woman stating that her nephew, Afeez Akeem, and her son, Ganiyu Ibrahim, got into a violent altercation due to a miscommunication. At approximately seven in the morning, Ganiyu and his cousin Afeez reportedly got into a heated debate that turned violent. As a result, Ganiyu broke a bottle and stabbed Afeez on the left side...
The Lagos Red Line Rail starts operating for profit, with a daily capacity of 500,000 passengers
The governor of Lagos, Babajide Sanwo-Olu, has declared the beginning of commercial service on the red line rail.On February 29,...
Orders to Divert The Super Eagles Flight Came From Higher Authority ~ Super Eagles Pilot Says
The Tunisian pilot who flew the Super Eagles to Libya has said, he was order to land the airplane in...
