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Naira among worst performing currencies – World Bank

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The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.

This is according to the latest edition of Africa’s Pulse, a new report by the World Bank.

As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.

The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.

The World Bank’s report further highlights that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.

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It noted, “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 per cent 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.”
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This situation has persisted despite some foreign exchange market reforms introduced by the Nigerian government, including the liberalization of the official exchange rate that began in June 2023.

However, these efforts have so far been insufficient to stabilize the currency.

The naira’s struggle reflects broader economic challenges in Nigeria, including limited foreign currency reserves and ongoing inflationary pressures.

The report also notes that the naira’s depreciation has contributed to higher domestic prices, particularly for imported goods, compounding the difficulties for Nigerian consumers.

In contrast, some African currencies that faced challenges in 2023, such as the Kenyan shilling and South African rand, have shown signs of recovery this year.

The Kenyan shilling, for instance, strengthened by 21 per cent year-to-date by the end of August 2024, marking it as one of the region’s top performers.

Despite this, foreign exchange shortages and exchange rate pressures remain a significant concern for many African economies.

The PUNCH, however, observed that the naira appreciated by 5.69 per cent against the dollar on Monday, according to data from the FMDQ Exchange.

The exchange rate improved from N1,641.27/$1 on Friday, October 11 to N1,552.92/$1 on Monday, October 14.

Despite the naira’s recovery, foreign exchange turnover plummeted by 44.27 per cent, falling from $616.73m to $343.71m over the same period.

In its report, the World Bank offers a cautious outlook for Nigeria’s economic growth, projecting that its Gross Domestic Product will expand by 3.3 per cent in 2024 and slightly accelerate to 3.6 per cent in 2025-2026.

The report read: “Economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results. Inflation peaked in June 2024 (at 34.2 per cent year-on-year) and decelerated to 33.4 per cent in July and further to 32.2 per cent in August.”

It also noted that following the Nigerian government’s decision to remove fuel subsidies in mid-2023, gasoline prices surged dramatically, causing a ripple effect on inflation across the country. The report notes that this policy change, which saw gasoline prices triple initially, further increased by an additional 40-45 per cent in September 2024, driving up transportation and logistics costs for businesses and consumers alike.

In July 2024, inflation reached 34.2%, and although it showed signs of easing in August, the recent hike in gasoline prices is expected to reverse this trend and potentially push inflation higher in the coming months. (PUNCH)

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NDLEA arrests 101-year-old woman for selling cannabis in Ogun

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….Lagos-based daughter who supplies the drug arrested

A 101-year-old woman, Esther Ogunmabo, has been arrested by officers of the National Drug Law Enforcement Agency (NDLEA) for allegedly selling cannabis in Ilisan, Ogun State.

The centenarian was arrested on Saturday, August 15, 2026, with 90 grammes of skunk, a form of cannabis, which was reportedly packaged in small quantities for sale.

NDLEA spokesman, Femi Babafemi, disclosed that the supect, Ogunmabo admitted that she sold the substance to people in the community.

Babafemi said the suspect told investigators that she became involved in the illicit trade after a fire destroyed her provisions store.

The agency spokesman added that the woman claimed one of her daughters, based in Lagos, was responsible for supplying her with the cannabis at regular intervals.

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“She said one of her daughters, who resides in Lagos, arranges the supply of the substance to her every four days, which she in turn sold in bits,” the NDLEA spokesman said.

The arrest was listed among the agency’s recent operations against drug trafficking and illicit drug activities across the country.

Following her arrest, NDLEA Chairman, Brig. Gen. Buba Marwa (retd.), directed that the elderly suspect be granted bail and referred for counselling because of her age.

The agency also disclosed that the daughter allegedly linked to the supply of the cannabis had been arrested.

The NDLEA said its latest operations also recorded other interceptions and arrests at different locations, including the country’s land and maritime borders.

The agency has continued to intensify its campaign against the cultivation, distribution and sale of illicit drugs across the country.

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Terrorists abduct many worshippers from Niger Central Mosque

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A yet-to-be-ascertained number of worshippers have been abducted from the Central Mosque in Dekara town, Borgu Local Government Area of Niger State.

Reports said the victims were kidnapped from worship place when terrorists, in a large number, struck while Jumu’at prayer was ongoing.

According to some sources, the terrorists shot sporadically before assembling some of the worshippers and leading them out of the mosque into the forest.

One of the residents, who spoke on condition of anonymity, told our correspondent by telephone that Borgu LGA recorded various incidents of insecurity, on Friday.

“So many things have happened in Borgu LGA today. Terrorists attacked three communities, including Dekara. In Dekara, they went to the Central Mosque while Jumu’at prayer was ongoing and kidnapped more than 60 people. But they did not injure anybody,” the resident said.

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When contacted, the spokesperson for the Niger State Police Command, SP Wasiu Abiodun, said he would verify the information and revert, but he had not done so as of the time of filing this report. (Daily Trust)

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‘Fake agency’ boss, Nwabueze, fights back with appointment letter

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ICPC chairman, Dr Musa Aliyu
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The National Coordinator and Executive Director of the National Brands Development and Made in Nigeria Special Project Office, George Nwabueze, has denied the allegation of running a “fake agency” in the country.

Nwabueze, who spoke  on Saturday, noted that he oversaw an office which was under the supervision of the Office of the Secretary to the Government of the Federation.

He noted that the office had been in existence for 16 years.

The Independent Corrupt Practices and other related offences Commission had on Friday said the President had ordered Nwabueze’s arrest for leading and promoting the outfit, which it tagged as a fake federal agency.

The ICPC said the accused was running it with the collaboration of senior public servants in the Office of the Secretary to the Government of the Federation.

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But responding to our correspondent, the embattled executive director said, “Made in Nigeria Special Project Office is a project office in the OSGF. We don’t know where fake agency comes from. A programme that has been in the SGF’s office since 16 July 2010 was just discovered yesterday (Friday). After 16 years; Nigeria is a funny country.”

Nwabueze spoke while responding to our correspondent’s enquiries on LinkedIn, where he had earlier posted his appointment letter to rebuff ICPC’s claim of illegality.

The letter, dated October 3, 2025, was purportedly issued by the Office of the Secretary to the Government of the Federation.

It was referenced OSGF/MIN/59310/11/205 and signed by the Permanent Secretary, Political and Economic Affairs Office, Nadungu Gagare.

The letter, addressed to “Hon. George Buchi Nwabueze, National Coordinator, Made in Nigeria Project Office, OSGF, Three Arms Zone, Abuja,” conveyed the approval of his appointment as National Coordinator/Executive Director of the Made in Nigeria Project Office under the OSGF.

According to the document, the appointment was for a five-year tenure beginning from July 2025 and was renewable.

“I am directed to formally convey the approval of your appointment as National Coordinator/Executive Director of the Made in Nigeria Project Office under the Office of the Secretary to the Government of the Federation,” the letter stated.

It added that the appointment followed “a careful evaluation of your commitment, contribution, and capacity in delivering on the mandate of the Special Project Office.”

The document listed Nwabueze’s responsibilities to include the supervision and development of programmes, projects and policies; supervision of regional and state coordinators across the 36 states; and organisation of exhibitions, trade expos, economic summits and other promotional initiatives aimed at promoting indigenous products and services.

It further stated that the project was to operate temporarily from Room B53, Ground Floor, within the OSGF complex.

“Please note that this appointment is at the pleasure of the Secretary to the Government of the Federation, and in line with the objectives of the Made in Nigeria initiative under the Renewed Hope Agenda,” the letter said.

Efforts  to engage Nwabueze further on the matter proved abortive as he declined response.

Special status request

Also, another document shared on Saturday on Linkedin by Nwabueze showed that his office sought to be granted the status of a Special Project.

The document, dated April 17, 2025, was signed by the Permanent Secretary, Political and Economic Affairs Office, Gagare, and addressed to the Secretary to the Government of the Federation.

It was referenced PS-PEAO/2025/008/4.

The document, titled, ‘A proposal for the Made-in-Nigeria Project to be granted Special Project status’, stated that the initiative had been operating for about five years and had promoted Nigerian-made products and services locally and internationally.

It claimed that the project had organised economic forums and trade exhibitions in several parts of the world and contributed positively to the Nigerian economy, particularly in the area of foreign direct investment.

The document listed increased employment opportunities, economic growth and poverty reduction among the expected benefits of granting the project special status.

According to the proposal, the initiative would also contribute to Gross Domestic Product growth by supporting local industries and encouraging domestic production.

It further stated that the project would reduce importation by encouraging Nigerians to consume locally made products, thereby reducing dependence on imported goods, conserving foreign exchange and improving the country’s trade balance.

The document added that the initiative aligned with the Federal Government’s efforts to diversify the economy, reduce dependence on crude oil and promote the non-oil sector.

The Permanent Secretary subsequently invited the SGF to note that granting the project special status would enhance its credibility and performance and enable it to meet its mandate and responsibilities.

However, the proposal made clear that the activities of the project were to be reviewed and operational modalities developed.

A fake agency?

The ICPC chairman, Dr Musa Aliyu, SAN, had identified the National Brands Development and Made-in-Nigeria Special Project Office as one of the outfits uncovered during the commission’s investigation into the alleged fictitious Presidential Foreign Intervention Promotion Council.

Aliyu, while briefing State House correspondents in Abuja, said investigators discovered the office while probing the PFIPC and what he described as procedural weaknesses within the public service.

According to him, the office had been allocated space within the OSGF premises without presidential authorisation.

He identified the promoter of the outfit as Prince George Buchi Nwabueze, alleging that he operated under different variations of his name and had the backing of some senior public servants in the OSGF.

The ICPC had described the outfit as part of the structures uncovered during its investigation into the alleged PFIPC.

However, documents released by Nwabueze appear intended to challenge the allegation that the project office had no official backing.

One of the reports shared on the LinkedIn page of the organisation documented a stakeholders’ engagement in Nasarawa State involving Governor Abdullahi Sule.

In the report, the governor was heard saying the state had domesticated the Federal Government’s Made-in-Nigeria initiative and captured it in its 2026 budget.

“For us in Nasarawa State, we have since domesticated this initiative of the Federal Government in our solemn commitment to promote local contents and have value for resources abound in our dear state,” Sule was quoted as saying.

“I’m happy to inform you that we did not only domesticate this project, but we also accord special attention to its operationalisation by including it in our 2026 budget,” he added.

The report also quoted the National Coordinator of the Made in Nigeria Project as saying the initiative was domiciled in the OSGF and was responsible for promoting the national brand.

Nwabueze was further heard saying the decision had been taken to locate a National Brand Processing and Packaging Centre in Nasarawa State.

The organisation’s website also identified “Nwabueze George” as “Executive Director, National Coordinator,” linking the position to the person named in the ICPC investigation.

Checks on the organisation’s website showed a structure featuring national, zonal and state coordinators.

At the national level, the organisation listed Dr Bassey B. Unaowo as Special Assistant to the Permanent Secretary on Political and Economic Affairs in the OSGF, while Dr Hajara Njidda Amoni was listed as Director, National Administration.

The organisation also listed zonal directors and coordinators across several states.

It maintained social media accounts on platforms including Instagram, Facebook, X and LinkedIn under the handle “@pmainpro.”

Office shut for months, says OSGF official

However, a staff member of the OSGF told Sunday PUNCH that the office had been shut for months.

“It was not operating as an agency but I know was under investigation… The office was shut months ago,” the source said.

The development leaves questions over the status of the project office, particularly the conflicting claims over its authorisation and relationship with the OSGF.

While the ICPC maintains that the office was illegally allocated space within the OSGF without presidential authorisation, documents released by Nwabueze show an appointment letter purportedly issued by the OSGF formally appointing him to head the project office.

The OSGF spokesman, Christopher Ugwuegbulam, when contacted, asked our correspondent to write a letter to his office before a response could be obtained.

Efforts to reach the ICPC spokesman, John Odey, proved abortive as of the time of filing the report, as calls to his number indicated that it was not reachable.

Sunday PUNCH gathered that the police had yet to be officially briefed about the suspect.

Credible sources in the police force told our correspondent that a manhunt would only be launched after a formal briefing on the matter. (Sunday PUNCH)

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