Connect with us

Headline

FG Pledges More Dollar Supply To Stabilise Naira

Published

on

Dele Alake

 

The federal government has disclosed that it may inject some foreign exchange into the economy to shore up the value of the naira while market forces stabilise.

The Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake stated this on Wednesday while speaking with reporters in Paris.

Alake is part of President Bola Ahmed Tinubu’s team attending the new global financial pact summit in Paris, France to facilitate foreign direct investment into Nigeria.

Alake’s comment is coming on the heels of the recent exchange rate unification which saw the Naira experiencing a significant surge against the US dollar at black market.

On Wednesday, June 21, 2023, the naira traded at an average exchange rate of N758/$1, marking a remarkable increase of 2.82% compared to the previous day’s trading session where the dollar was valued at N780/$1.

This is as a total of $788 million has so far been recorded as cumulative turnover in the official Investor & Exporter Window, a week after the unification of the exchange rate was announced.

Although the presidential spokesman was not specific about the nature of the dollar injection, he said: “Don’t forget that Mr. President has taken some very bold steps in the area of economy, in the area of social engineering in the last few weeks, and particularly with reference to the unification of the multiple exchange rates, which has caused very positive multiplier effect.

“However, in the short term, we have noticed and expected that there will be a slight spike in the demand and then that would affect the value of the naira viz-viz the dollar. So, apart from the immediate, short and long term positive effects of that unification policy, there could be a need for an injection of direct foreign exchange into the economy to shore up the value of the naira while market forces stabilise. And in the short run or medium term, there is going to be when the effects of this policy begin to mature.”

He said the president’s policies in the last three weeks had encouraged the foreign nations and investors to become more interested in the affairs of Nigeria, shoring up the country’s economy.

The special adviser also said heads of state and international financial institutions had indicated interest to meet with the president to consider areas of cooperation with the new positive development in Nigeria.

Alake expressed optimism that a lot of international investors that exited Nigeria because of restrictive currency policies would return with the new economic measures being put in place as the nation needed a comprehensive and robust direct foreign investment into the country.

How the Naira has fared

Since its launch a week ago, the naira-to-dollar exchange rate has fluctuated, plunging 29% to N664/$1 on the first day.

 

Before ending the week marginally stronger at N664/$1, it dropped further to N702/$1.

The I&E Window shut down on Monday at N770.3/$1 then reopened on Tuesday, June 20, at N756.6, continuing the volatility that had been dealt with ever since the unification process began.

For the first time since 2018 when it was approximately N363/$1, the official currency rate also reached parity with the black-market rate.

Additionally, N790/$1 was reported as the highest daily rate transacted at the I&E Window on Monday, June 19, 2023.

While the FMDQ publishes the turnover of forex traded daily, it is not totally representative of the actual amount of forex bought and sold in general. However, it provides a proxy for the level of liquidity in the I&E Window.

Headline

Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

Published

on

 

Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

Continue Reading

Headline

Lassa Fever Kills 150 In Nigeria — NCDC

Published

on

 

According to the Nigeria Centre for Disease Control and Prevention (NCDC), 150 people died from Lassa virus in 125 local government areas throughout 27 states in the federation between January and March 2024.

The NCDC reported that the deaths were recorded with a case fatality rate (CFR) of 18.6% overall from week one to week thirteen, 2024. This is higher than the CFR for the same time in 2023 (17.5%).

In its Lassa Fever Situation Report Epi Week 13, which was released on March 25–31, 2024, the agency revealed that 806 of the 5,295 suspected cases that were recorded were confirmed. Eyes Of Lagos reports,

According to the report, in week 13, the number of new confirmed cases decreased from 25 in Epi week 12, 2024 to 15. These cases were reported in Ondo, Bauchi, Plateau and Edo states.

 

In total for 2024, 27 states have recorded at least one confirmed case across 125 LGAs, even as 62 percent of all confirmed Lassa fever cases were reported from Ondo, Edo, and Bauchi states, while 38 percent of cases were reported from 24 states with confirmed Lassa fever cases.

Of the 62 percent confirmed cases, the NCDC said Ondo reported 24 percent, Edo 22 percent, and Bauchi 16 percent. The predominant age group affected is 31-40 years (Range: 1 to 98 years, Median Age: 32years), with a male-to-female ratio for confirmed cases of 1:1.

From the report, the number of suspected cases (5,295) increased compared to that reported for the same period in 2023 (4,338).

The agency confirmed that the National Lassa fever multi-partner, multi-sectoral Incident Management System has been activated to coordinate response at all levels at the Emergency Operations Centre, EOC.

No new healthcare worker was affected in the reporting week 13, the report noted.

Continue Reading

Facebook

Trending