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Dollar index decreases by 1.6% in July – OPEC



Dollar index decreases by 1.6% in July – OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has said the U.S. dollar index decreased by 1.6 per cent month-on-month (m-o-m) in July, erasing gains from the previous period.

The dollar index rose for the second consecutive month in June, increasing marginally by 0.3 per cent m-o-m.

OPEC said this in its Monthly Oil Market Report for August obtained by the News Agency of Nigeria (NAN) on Friday.

The report, while stating the impact of the dollar and inflation on oil prices, said the dollar receded, although the Federal Reserve hiked interest rates by 25 basis points (bp) in July.

This, it said, underscored a shift in risk sentiment as investors’ global macroeconomic outlook improved, and financial markets wagered that the U.S. economy would avoid recession.


According to the OPEC report, Year-on-Year (Y-o-Y), the index was down by 5.2 per cent.

The OPEC report said the dollar experienced mixed movement against major developed market currencies for a second consecutive month in July.

It said it recovered against the euro by 2.2 per cent m-o-m, but receded against the yen and the pound by 0.2 per cent and 2.2 per cent, respectively, over the same period.

It said Y-o-Y, the dollar was up by 8.9 per cent and 3.0 per cent against the euro and yen, respectively; however, it was down by 7.1 per cent against the pound over the same period.

“In terms of emerging market currencies, the dollar declined for a second consecutive month in July against the rupee and the Brazilian real by 0.1 per cent and 1.1 per cent respectively, m-o-m.


“Meanwhile, it advanced against the yuan for a second consecutive month by 0.3 per cent m-o-m,” the oil market report said.

It said Y-o-Y, the dollar was up by 3.2 per cent and 6.7 per cent against the rupee and yuan, respectively; however, it was down by 10.6 per cent against the real over the same period.

It said the differential between nominal and real OPEC Reference Basket (ORB) prices widened m-o-m.

It said inflation (nominal price minus real price) went from negative 1.78 dollars per barrel in June to negative 3.11 dollars per barrel in July, a 76.7 per cent increase m-o-m.

It further stated that in nominal terms, accounting for inflation, the ORB price went from 75.19 per cent per barrel in June to 81.06 per barrel in July, a 7.8 per cent increase m-o-m.


It added that Y-o-Y, the ORB was down by 25.3 per cent in nominal terms.

In real terms (excluding inflation), it said the ORB went from 76.95 dollars per barrel in June to 84.17 dollars per barrel in July, a 9.4 per cent increase m-o-m.

“Y-o-y, the ORB was down by 24.4 per cent in real terms,” it said.


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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