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Trending News: POWER VACUUM: PRESIDENT, VICE PRESIDENT OUT OF NIGERIATINUBU GOVT PLANS N25% TAX ON WEALTHY NIGERIANS EARNING N100M MONTHLYIT’S FAKE NEWS, THERE’S NO PLOT TO IMPEACH ME – AKPABIOPOLICE CLARIFY ROLE IN RIVERS LG ELECTIONWIKE MAY FACE DISCIPLINARY ACTION FOR VIOLATING PDP RULESNAIRA ONE OF THE WORST PERFORMING CURRENCIES IN AFRICA – WORLD BANKNIGERIA’S CHIEF OF ARMY STAFF, LAGBAJA , SICK, FLOWN ABROAD FOR TREATMENT – SAHARAREPORTERSWORLD BANK TELLS TINUBU GOVT TO CONTINUE WITH ECONOMIC POLICY DESPITE RISING HARDSHIPTRAVELLERS HAIL PETER OBI, CALL HIM “OUR PRESIDENT” AS HE CLEARS TRAFFIC IN KOGICONSTITUENTS MOVE TO RECALL HOUSE OF REPS MEMBER, UGOCHINYERE, LAUD GOV UZODINMADAMAGUM MAY STEP DOWN NEXT WEEKPDP CRISIS RESOLVED WITH SUSPENSIONS, COUNTER SUSPENSION QUASHEDSOLUDO REJECTS LG AUTONOMY, SAYS IT WILL LEAD TO CHAOS, SIGNS BILL TO DEDUCT COUNCIL FUNDSWHY WE INVADED RADIO STATION TO ARREST SUSPECT – EFCCNUJ CONDEMNS EFCC INVASION OF RADIO STATIONENUGU GOVT TO LAUGH N20B STATE SECURITY TRUST FUNDGRID COLLAPSE, A NATIONAL SHAME, TESTAMENT OF LEADERSHIP FAILURE – PETER OBIPRO-WIKE LAWMAKERS DECLARE PRO-FUBARA LAWMAKERS’ SEATS VACANTFG SUMMONS BRITISH HIGH COMMISSIONER OVER SUNDAY IGBOHO’S YORUBA NATION PETITION TO PRIME MINISTERAFCON QUALIFIER: CAF DELISTS NIGERIA, LIBYAEFCC INVADES RADIO STATION IN ENUGU, ARRESTS PRESENTERPDP CRISIS: GOVERNORS TELL WARRING MEMBERS TO MAINTAIN STATUS QUODAMAGUM DIVIDES PDP GOVERNORSPDP BREAKS INTO FACTIONSWE SYMPATHISE WITH THE POOR BUT TINUBU’S POLICIES WILL CONTINUE – VP SHETTIMANORTH MUST BE PREPARED FOR POSSIBLE SEPARATION – PROF LUGGACAF INVESTIGATES SUPER EAGLES ORDEAL IN LIBYANIGERIA WAS NOT HUMILIATED AT UNHRC ELECTION – PRESIDENCYNIGERIA IN DARKNESS AS NATIONAL GRID COLLAPSES AGAINMOB BURNS EDO POLICE STATION OVER ALLEGATION OF ORGAN HARVESTINGSUPER EAGLES BACK TO NIGERIA AFTER LIBYA ORDEALFG TO RECRUIT 74,OOO TEACHERS NATIONWIDENIGERIANS GROAN OVER HIGH ELECTRICITY BILLSFG MOVES TO GROUND 60 PRIVATE JETSALLOW THE DEAD TO REST IN PEACE, SHEHU SANI SPEAKS ON ENUGU MORTUARY TAXPDP BLASTS FUBARA, SAYS HE REJECTED OFFER TO CONTROL PARTY STRUCTUREPETER OBI CONDEMNS FATAL SHOOTING OF SUPERSPORTS CREW, SAYS KILLINGS KIDNAPPINGS HAVE BECOME WORSENASS WANTS MORE SUFFERINGS FOR NIGERIANS, CONSIDERS BILL TO INCREASE VAT FROM 7.5% TO 10%ENUGU GOVT PLANS TO RESETTLE RESIDENTS OF TWO URBAN SLUMSBIZZARE! REVEREND FATHER SET TO WED REVEREND SISTER IN CATHOLIC CHURCHSENATE THREATENS UMAHI, DABRI-EREWA, OTHERS WITH WARRANT OF ARRESTGOVERNOR SUSPENDS AID FOR ANNOYING N70,OOO MINIMUM WAGENINE PDP GOVERNORS ENDORSE DAMAGUM’S REMOVAL AS NATIONAL CHAIRMANBETWEEN SENATOR SHEHU SANI AND EX-GOV EL RUFAI’S WIFEYOU’RE BEREFT OF IDEAS ABOUT HOW TO TACKLE ECONOMIC CRISIS, BEG JONATHAN FOR HELP – NNPP TELLS TINUBUWHY MORTUARY TAX WAS INTRODUCED – ENUGU GOVTNIGERIA FACING WORSENING FOOD CRISIS LIKE YEMEN, ETHIOPIA – WORLD BANK REPORTFLASHBACK: HOW TINUBU CRITICISED JONATHAN OVER PETROL SUBSIDY REMOVALINSIDE STORY OF ONGOING CRISIS IN PDPHOUSE OF REPS PASSES BILL TO ESTABLISH BOLA AHMED TINUBU UNIVERSITY OF NIGERIAN LANGUAGESRIVERS CRISIS: I DO NOT SEE THE POSSIBILITY OF APPEAL COURT JUDGEMENT BEING UPTURNED – SANFOR AND AGAINST REGIONAL GOVTDRAMA AS FAYOSE DECLARES SELF PDP NATIONAL CHAIRMAN, SUSPENDS WIKE, ATIKU, OTHERSENUGU GOVT WITHDRAWS MONARCH’S RECOGNITION OVER LAWYER’S MURDERFCT MINISTER, NYESON WIKE, BAUCHI GOVERNOR, BALA MOHAMMED, DIVIDE PDPNEW EDUCATION CURRICULUM: EVERY STUDENT MUST GRADUATE WITH TWO SKILLSFUBARA’S REFUSAL TO OBEY COURT JUDGEMENT CAUSE OF RIVERS VIOLENCE – INDEPENDENT OBSERVERSPDP CRISIS: GOVERNORS BACK EMBATTLED NATIONAL CHAIRMAN, DAMAGUNAPC BERATES ROTIMI AMAECHI, SAYS HE’S INVITING ANARCHY IN NIGERIASOWORE, FORMER PRESIDENTIAL CANDIDATE, BARRED FROM LEAVING NIGERIA BY IMMIGRATION SERVICEAPC SUSPENDS TINUBU’S MINISTER, OTHERSCOURT BARS PDP NEC, BOT FROM SACKING DAMAGUM AS ACTING NATIONAL CHAIRMANFG ANNOUNCES FULL DEREGULATION OF PETROLEUM INDUSTRYCHIEF JUDGE REJECTS NYAKO’S RECUSAL FROM NNAMDI KANU’S CASE, RETURNS CASE FILEMY HUSBAND NOT CAUSE OF NIGERIA’S PROBLEM – TINUBU’S WIFERECENT LOCAL GOVT ELECTIONS IN STATES ACROSS NIGERIA, A SHAM, RAPE OF DEMOCRACY – SENATECHIDINMA ADETSHINA NAMED ENUGU STATE BRAND AMBASSADORPDP CRISIS WORSENS AS FACTIONS SUSPEND EACH OTHERNCC COMPLETES NIN-SIM LINKAGE FOR ALL PHONE NUMBERSWHY I PREFER TRADITIONAL WORSHIP TO CHRISTIANITY, ISLAM – SOYINKAWTO SELECTS UNN, OTHERS FOR TRADE RESEARCH PROGRAMMEYOU DON’T HAVE CAPACITY TO BRING DOWN MILITARY AIRCRAFT – DHQ TELLS DOKUBONO FOOD FOR LAZY MAN – TINUBU’S WIFE TELLS NIGERIAN YOUTHS TO WORK HARDFUBARA ASKS LAWYERS TO APPEAL COURT JUDGEMENT AFFIRMING WIKE’S LOYALIST AS ASSEMBLY SPEAKER2024 RIVERS BUDGET A NULLITY – APPEAL COURTFUBARA LOSES AS APPEAL COURT AFFIRMS PRO-WIKE LAWMAKER AS AUTHENTIC SPEAKER OF RIVERS ASSEMBLYI SACRIFICED MY POLITICAL CAREER IN FINLAND FOR BIAFRA’S INDEPENDENCE – SIMON EKPANNAMDI KANU’S WIFE BEGS UK GOVT TO INTERVENE IN IPOB LEADER’S CASEFUEL PRICE HIKE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIRROYAL FATHERS TO FG: WE WANT DIRECT PAYMENT OF OUR 5% ALLOCATION13 EX-BOKO HARAM FIGHTERS ESCAPE WITH GOVT RIFLES, MOTORCYCLESHOUSE OF REPS BEGINS MOVE TO PROBE BUHARI GOVTRIVERS, CAPITAL OF BETRAYALS, MOST POLITICIANS PASSED THROUGH ME – AMAECHINIGERIAN LAMENT FRESH FUEL INCREASEHOW NIGERIANS HAVE ENDURED PETROL PRICE HIKE FOR 18 MONTHS – FROM N198 TO N1,030/LITREWHY NNPC INCREASED FUEL PUMP PRICE – MARKETERSREVERSE PETROL PUMP PRICE IMMEDIATELY – NLC TELLS FEDERAL GOVTAGAIN, NNPC INCREASES FUEL PUMP PRICE TO N1,030/LITRESEEK PERMISSION BEFORE USING THE NATIONAL ANTHEM – FGCONFUSION IN SENATE OVER LOCAL GOVT AUTONOMYNIGERIAN ARMY GENERAL DETAINED FOR STEALING RICE PALLIATIVESOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIADOZENS KILLED, OTHERS INJURED AS SOLDIERS CLASH WITH GUNMEN IN IMOAPPEAL COURT SACKS PDP REPS MEMBER, ATIGWE, DECLARES LP CANDIDATE, AGBO WINNERCONCERNED IGBO CLERICS ACCUSE SOUTH EAST GOVS OF FRUSTRATING NNAMDI KANU’S RELEASEMIXED REACTIONS TRAIL CONFLICTING COURT ORDERS IN RIVERSPETER OBI, LP CARETAKER COMMITTEE REJECT COURT JUDGEMENT ON ABUREOUR REFINERY WAS BUILT WITHOUT GOVT INCENTIVE – DANGOTEPDP LEADERS CLASH OVER ATIKU, WIKEI’VE NO APOLOGY WORKING AGAINST PDP IN 2023 – WIKE
Wed. Oct 16th, 2024

NAIRA ONE OF THE WORST PERFORMING CURRENCIES IN AFRICA – WORLD BANK

download 2024 09 08T195817.349 jpeg

The Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa at the end of August 2024.

The World Bank disclosed this in its latest edition of Africa’s Pulse report.

Report showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

The report blamed the continued increase in the demand for dollars and limited dollar inflow for Naira depreciation in the last months.

According to the report, the Naira lost about 43 percent as of August.

“By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region.

“The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 percent as of end-August.

“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira,” it said.

DAILY POST reports that the Naira weakened significantly on Tuesday to N1658.97 per dollar from N1552.92 exchanged on Monday.

In the past months, the Naira has continued to fluctuate against the dollar in the foreign exchange market despite interventions by the Central Bank of Nigeria.

Nigeria’s inflation rose to 32.70 percent in September from 32.15 percent recorded in August 2024.

Despite this, the World Bank’s Economic growth in Nigeria is projected at 3.3 percent in 2024 and 3.6 percent in 2025–26.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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