Connect with us

News

Naira now among worst in the World, Says Bloomberg

Published

on

Spread the love

Officially, Nigeria’s naira is doing pretty well this year, down just 4% against a strong US dollar, ahead of the Canadian dollar and the Swiss franc. But that exchange rate is used only by the government — ordinary Nigerians are grappling with a 37% drop on the widely-used black market.

That makes it one of the world’s worst-performing currencies, after Ghana’s cedi, which is down nearly 55% this year, and the Sri Lankan Rupee. Its peers include Sierra Leone’s leone, which is down 36%, and the Egyptian pound, which has lost 35%.

Africa’s largest economy operates a tightly controlled official rate but it’s in the parallel market where the exchange rate of the local currency is largely determined by the level of demand for the dollar.

Nigeria’s central bank rations dollars at the official rate, cutting off access to many businesses and individuals, which in turn drives demand to the unauthorized black market. This has led to a widening gap between the managed and parallel markets to more than 90%.

Currency redesign plan sparks rush to buy Dollars in Nigeria

Maduka College Advert

While the naira officially closed at 442.75 to the dollar on Friday, currency traders on the streets of Lagos, Nigeria’s commercial hub, quoted the greenback at 890 naira, according Umar Salisu, a bureau de change operator who tracks the data.

Note Redesign

The local unit’s drop in the black market started a day after the central bank announced last week that it will issue redesigned 200-, 500- and 1,000-naira notes from mid-December in a bid to mop up excess cash in circulation.

The Abuja-based regulator gave Nigerians until Jan. 31 to exchange the existing bills for new ones, a tight deadline considering that the central bank estimates that as much as 2.7 trillion naira ($6.1 billion) sits outside bank vaults.

Africa’s most populous country has an average of 4.5 bank branches per 100,000 people and 45% of adults don’t have a bank account.

The naira’s slump is likely to continue in the near term given low oil revenue and rising outflows due to uncertainties associated with February’s presidential election, said Uche Uwaleke, a professor of finance and capital markets at the Nasarawa State University in central Nigeria.

The dollar is seen as a safe haven, he said.
“It’s evident that a lot of currency substitution is going on as many people now see the greenback as a better store of value,” Uwaleke said. (Bloomberg)

News

‘Tinubu has called me, congratulated me,’ Adeleke says after Osun Re-election Victory

Published

on

President Bola Tinubu gives Osun state governor Governor Adeleke a Handshake. Photo Credit: X @AAdeleke_01
Spread the love

•  Adeleke of the Accord Party, polled 511,067 votes to defeat APC’s Oyebamiji, who scored 444,815 votes

Osun State Governor, Ademola Adeleke, has revealed that President Bola Tinubu called and congratulated him shortly after he was declared winner of the August 15 governorship election.

Adeleke made the disclosure while speaking to journalists on Sunday after the Independent National Electoral Commission (INEC) declared him winner of the election.

He thanked President Tinubu for congratulating him, saying the president had contributed to the sustenance of democracy.

“I feel great. First of all, I thank the God Almighty for what has happened today. It’s a victory for democracy in Nigeria,” And, of course, I want to seize the opportunity to thank Mr President. Mr President has called me, and he has congratulated me, and I thank you, Mr President, for making sure democracy lives on because you fought for it, Mr President,” the governor said.

President Tinubu and Governor Adeleke have maintained a pragmatic relationship despite belonging to rival political parties. Despite their political differences, both leaders have maintained a cordial relationship, with Adeleke making high-profile visits to Tinubu and the President engaging with the Osun governor.

Maduka College Advert

Victory for Osun people, Olive Branch

Speaking further, Adeleke said the result represented a victory for the people of Osun, who, according to him, had endorsed his administration’s performance in office.

“A victory for democracy. A victory for Osun people that stood by me and said, Imole, you have done a lot for us. You have given us the dividends of democracy in terms of infrastructure, improving our education, agriculture and so forth. So this is the Osun people saying, ‘Thank you, Mr Governor,’” he said.

The governor, who secured a second term after defeating his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), said his administration would focus on transforming Osun from a civil service-dependent state into an industrial hub.

“I will repay that thank you by making sure that I have a vision. My vision is to make sure that Osun State moves from a civil servant state to an industrial state. I will make sure, all across Osun State, development is on. I love you all, Osun State,” Adeleke said.

Adeleke also extended an olive branch to his opponents, describing the election as a contest without a victor or vanquished.

“Yes, this is no victor, no vanquished. I want them to come over. I’m expecting Oyebanji, even as a civilised person, to call me and congratulate me,” he said.

Asked whether he had ever feared that the election could go against him, Adeleke replied: “No. I have a God. I have a God who never fails.”

Continue Reading

News

Osun: When the people stand, democracy wins, says Obi, congratulates Adeleke

Published

on

Peter Obi donates ₦10 million to Nursing College
NDC presidential candidate, Peter Obi
Spread the love

The presidential candidate of the National Democratic Coalition (NDC), Peter Obi, has congratulated Osun State Governor, Ademola Adeleke, on his re-election, describing the outcome of the governorship poll as a victory for democracy and the people.

The Independent National Electoral Commission (INEC) on Sunday morning declared Adeleke of the Accord Party as the winner of the 2026 Osun State governorship election.

Announcing the final results, INEC Returning Officer, Prof. Joshua Ogunwole, the Vice- Chancellor of the Federal University, Oye-Ekiti declared Adeleke winner and returned him elected.

Ogunwole announced that the Accord Party candidate secured 511,067 while his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC) recorded 444,815 votes.

Adeleke trounced his major opponent with 66,252 votes amid wild jubilation by party supporters and other residents.

Maduka College Advert

Reacting in a statement on his official X account, Obi said the people of Osun had spoken clearly through the ballot, while commending citizens, particularly youths, for defending their democratic mandate.

“I warmly congratulate Governor Ademola Adeleke on his re-election and the good people of Osun State on this important democratic victory,” Obi said.

“They, the people of Osun, have spoken with courage and clarity, reaffirming that the power to choose their leaders belongs to the people.

“Through his commitment to the people, compassion for their needs, and the strength of his work and achievements in office, Governor Ademola Adeleke has earned their renewed confidence and been entrusted once again with their mandate.

“I particularly commend the courageous youths of Osun who rose to the occasion and peacefully defended their democratic mandate.

“Their vigilance and determination demonstrate that when citizens stand firmly to protect their votes, the forces of good can overcome the forces of darkness.

“The lesson from Osun is clear: democracy is strongest when citizens are alert, conscious of their civic responsibility, and determined to ensure that their votes count.

“Every genuine vote must be respected, and every lawful mandate must be protected. This is also a clarion call as we approach 2027. Nigerians must remain informed, participate actively, vote, and protect their votes.

“The Nigerian people are the ones experiencing hunger, deprivation, insecurity, and hardship; therefore, they are also the ones with the power, through their votes, to bring about the change that will end these conditions.

“I urge all political actors to place the interests of the people above partisan considerations and to embrace peace, unity, and the rule of law.”

Obi warned that elections should never be battles of violence, but contests of ideas, competence, character, and service.

“May the Osun experience strengthen our confidence in the democratic process and inspire Nigerians everywhere to remain vigilant and committed to building a just, secure, prosperous, and truly people-centred nation. A New Nigeria is possible,” the former Governor of Anambra State added.

Continue Reading

News

BREAKING: INEC declares Adeleke winner of Osun gov election

Published

on

photo: Osun State Governor, Ademola Adeleke
Spread the love

Osun State Governor, Ademola Adeleke, was on Sunday declared elected, having won 19 out of the 30 local government areas in the governorship election held across the state on Saturday.

The State Returning Officer, the Vice-Chancellor of the Federal University, Oye Ekiti, Prof Joshua Ogunwole, declared the result of the poll at about 7:24 am on Sunday.

Adeleke polled a total of 511067 votes to emerge victorious in the contest.

Ogunwole subsequently returned the governor to office for another term.

The incumbent Osun governor, who contested the poll on the platform of the Accord, defeated his closest challenger, Bola Oyebamiji of the All Progressives Congress, who won in 11 LG areas of the state.

Maduka College Advert

While Adeleke won in Ede North, Ede South, Ejigbo, Iwo, Egbedore, Ife North, Ife East, Ife Central, Oriade, Ifelodun, Orolu, Ayedaade, Ayedire, Odo Otin, Boluwaduro, Ilesa West, Ifedayo, Osogbo and Ayedire local government areas.

Oyebamiji, however, won in Irewole, Isokan, Olorunda, Atakumosa East, Atakumosa West, Ilesa East, Boripe, Irepodun and Obokun local government areas.

Declaring the results, Ogunwole said, “Accredited voters, 1010684, total votes received by political parties, A, 511067, AA, 2308, AAC, 1458, ADC, 17180, ADP, 2946, APC, 444815, APGA, 1475, APM, 234, APP, 114, BP, 111, NNPP, 118, PRP, 83, SDP, 155, YPP, 534, ZLP, 2482, total valid votes, 985079, rejected votes, 207, total vote cast, 1,005,800.”

After agents of the political parties have signed the results of the election, the Returning Officer declared Adeleke of the Accord as the winner of the poll.

“That Ademola Nurudeen-Jackson Adeleke having satisfied the requirements of the law is hereby declare the winner of the August 15 Governorship election and returned elected,” Ogunwole said.

The candidate of the African Democratic Congress in the poll, Najeem Salaam, came third in the poll.

Continue Reading

Trending

Maduka College Advert