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Nigeria’s Naira, Alongside Ethiopia and South Sudan, Ranked Among Africa’s Worst-Performing Currencies

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Nigeria’s currency, the naira, has been ranked among the worst-performing currencies in Africa, alongside the Ethiopian birr and South Sudanese pound. The ranking, which has raised concerns among financial experts and citizens alike, highlights the ongoing economic challenges facing these countries, particularly in managing currency stability and inflation.

The naira’s decline has been attributed to a combination of factors, including rising inflation, dwindling foreign reserves, and a high demand for foreign currency, particularly the US dollar. Over the past year, the naira has experienced significant depreciation against major global currencies, further weakening the purchasing power of Nigerians and contributing to a rise in the cost of living. The currency’s poor performance has led to heightened inflation, especially in the cost of imported goods and services.

Ethiopia and South Sudan are facing similar economic pressures. The Ethiopian birr has struggled under the weight of political instability and high inflation, while South Sudan’s economy, which is largely dependent on oil exports, has been hampered by low production and internal conflict. Both countries, like Nigeria, are grappling with the effects of external debt, declining foreign investment, and global economic pressures.

Analysts have noted that for Nigeria, addressing the naira’s poor performance requires a combination of strong fiscal policies, increased domestic production, and a more diversified economy. The Central Bank of Nigeria has implemented several measures, including the unification of exchange rates and restrictions on forex access for certain imports, but the desired impact on currency stabilization has yet to be fully realized.

In conclusion, the naira’s ranking as one of the worst-performing currencies in Africa underscores the need for comprehensive economic reforms to restore confidence in Nigeria’s financial system and improve overall currency stability.

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Keyamo Says 2027 Coalition Can’t Unseat Tinubu

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Festus Keyamo, the Minister of Aviation and Aerospace Development, believes it’s nearly impossible to remove President Bola Tinubu from power through a coalition in the 2027 elections. Speaking on a live TV program, he dismissed recent coalition talks by some political figures as nothing more than noise, saying they don’t pose any real threat to the ruling All Progressives Congress (APC).

According to him, those pushing the idea of a coalition are underestimating the deep-rooted structure and support base of the APC. “There’s no political tsunami on the way,” he said. “I’ve been part of presidential campaigns. I understand Nigeria’s political landscape. A coalition strong enough to unseat Tinubu just isn’t possible right now.”

His comments were in response to remarks by key opposition voices like Yusuf Datti Baba-Ahmed, Atiku Abubakar, and Nasir El-Rufai, who have been suggesting a united front against Tinubu ahead of 2027. Baba-Ahmed had criticized the current administration for poor governance and urged voters to seek change.

Rumors have also been swirling about a possible merger within the PDP, though many of the party’s governors have denied any involvement. Former Ekiti State Governor Ayo Fayose even described the whole idea as pointless and dead on arrival.

Keyamo made it clear that forming a strong political merger takes time, recalling how long it took for Tinubu and Buhari to build the APC after the 2011 elections. He said those planning a coalition now are either confused about what they want or have already missed the train.

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Okonkwo Accuses INEC of Manipulating 2023 Election Results

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Kenneth Okonkwo, a former spokesperson for the Labour Party’s presidential campaign, has accused the Independent National Electoral Commission (INEC) of manipulating the 2023 election results, claiming that the results Peter Obi received were “written” and allocated to him by the commission.

Speaking on Channels Television’s Sunday Politics, Okonkwo criticized INEC for failing to upload the polling unit results to its portals, as required by law, over two years after the election. He argued that while Obi allegedly won over a million votes in Lagos State, INEC reduced his total, and he claimed that the results from Rivers State were altered to favor the All Progressives Congress (APC).

“There’s no explanation for it until today,” he said. “The results were written and allocated to Obi. Go to Rivers State and check.”

When reminded that the Supreme Court ruling declared Bola Tinubu and the APC as the legitimate winners, Okonkwo dismissed the ruling, explaining that the court only found insufficient evidence to support claims of fraud. “The court is not telling you they didn’t write the results,” he said. “It’s telling you that there was no evidence to prove they did.”

Okonkwo also defended his party’s inability to place polling agents at every polling unit, acknowledging that the law does not expect every party to have the resources for such an extensive operation. He emphasized, however, that if INEC were truly impartial, there would be no need for agents in every unit. “INEC received 400 billion naira to organize the election in Nigeria,” he pointed out.

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Kalu Urges South East to Join Mainstream Politics for 2027 Victory

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Former Abia State Governor and current Senator for Abia North, Orji Uzor Kalu, has urged the South East to take full advantage of the benefits that come with being part of the country’s mainstream political landscape.

In a post shared on his official Facebook page, Kalu expressed concern that President Bola Tinubu was dissatisfied with the 4% vote he received in Abia State during the 2023 presidential election. He pointed out that this was troubling, especially given the strong presence of APC personalities in Abia at the time.

Kalu called on APC members to unite and work towards securing victory for the party in Abia in 2027. He added that the stakeholders’ meeting he held at his Abuja residence was aimed at rallying Abia APC members and promoting unity within the party. He also clarified that Governor Alex Otti was not part of the discussions.

While Kalu avoided publicly criticizing Governor Otti, he emphasized that the people, not any individual, should determine the fate of their leaders. He recalled the 2019 elections when President Buhari secured 68% of the vote in his constituency, but President Tinubu could only manage 4% in the entire state in 2023.

Kalu concluded by stressing that the South East must align itself with the broader political environment, saying, “The South East as a whole has to belong where other Nigerians are sitting.”

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