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FG Pledges More Dollar Supply To Stabilise Naira



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.


Diphtheria: Children at risk as 7,202 cases are confirmed in Nigeria



A staggering 7,202 cases of diphtheria, a highly contagious bacterial infection that can be fatal without treatment, were confirmed in Nigeria last week.

The outbreak has been particularly severe among children under 14, with three-quarters of cases (73.6%) in this age group.

Most cases have been recorded in Kano state, Nigeria’s second most populous state. In the past three months, there have been 453 deaths from diphtheria in Nigeria.

Diphtheria is a vaccine-preventable disease, but low vaccination rates in Nigeria have made the outbreak possible. Only 42% of children under 15 in Nigeria are fully protected from diphtheria.

Diphtheria symptoms begin with a sore throat and fever. In severe cases, the bacteria produce a toxin that can block the airway, causing difficulty breathing and swallowing. The toxin can also spread to other body parts, causing heart kidney problems and nerve damage.


Save the Children is launching a wide-scale health response in the three most impacted states of Kano, Yobe, and Katsina. The organization is deploying expert health and supply chain staff to help overstretched clinics detect and treat diphtheria cases and to support mass vaccination campaigns.

However, Save the Children warns that a mass vaccination campaign will only be successful if the vaccine shortage is urgently addressed.

Severe shortages in Nigeria of the required vaccine and the antitoxin needed to treat the disease mean that the situation could continue to escalate, placing many children at risk of severe illness and death.

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WHO releases $16m to tackle cholera, says Director-General



The World Health Organisation (WHO) has released 16 million dollars from the WHO Contingency Fund for Emergencies to tackle cholera.

Dr Tedros Ghebreyesus, WHO Director-General said this during an online news conference.

Ghebreyesus said that the organisation was providing essential supplies, coordinating the on the ground response with partners, supporting countries to detect, prevent and treat cholera, and informing people how to protect themselves.

“To support this work, we have appealed for 160 million dollars, and we have released more than 16 million dollars from the WHO Contingency Fund for Emergencies.

“But the real solution to cholera lies in ensuring everyone has access to safe water and sanitation, which is an internationally recognized human right,” he said.


According to him, in the previous week, WHO published new data showing that cases reported in 2022 were more than double those in 2021.

He said that the preliminary data for 2023 suggested was likely to be even worse.

“So far, 28 countries have reported cases in 2023 compared with 16 during the same period in 2022.

“The countries with the most concerning outbreaks right now are Ethiopia, Haiti, Iraq and Sudan.

“Significant progress has been made in countries in Southern Africa, including Malawi, Mozambique and Zimbabwe, but these countries remain at risk as the rainy season approaches,” Ghebreyesus said.


According to him, the worst affected countries and communities are poor, without access to safe drinking water or toilets.

He said that they also face shortages of oral cholera vaccine and other supplies, as well as overstretched health workers, who are dealing with multiple disease outbreaks and other health emergencies.

On COVID-19, Ghebreyesus said that as the northern hemisphere winter approaches, the organisation continued to see concerning trends.

He said that among the relatively few countries that report them, both hospitalisations and ICU admissions have increased in the past 28 days, particularly in the Americas and Europe.

WHO boss said that meanwhile, vaccination levels among the most at-risk groups remained worryingly low.


“Two-thirds of the world’s population has received a complete primary series, but only one-third has received an additional, or “booster” dose.

“COVID-19 may no longer be the acute crisis it was two years ago, but that does not mean we can ignore it,” he said.

According to him, countries invested so much in building their systems to respond to COVID-19.

He urged countries to sustain those systems, to ensure people can be protected, tested and treated for COVID-19 and other infectious threats.

“That means sustaining systems for collaborative surveillance, community protection, safe and scalable care, access to countermeasures and coordination,” he said.

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