News
Nigeria’s Naira, Alongside Ethiopia and South Sudan, Ranked Among Africa’s Worst-Performing Currencies
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.
The Chairman of Gboko Local Government Area of Benue State, Torseer Yina, has imposed a dusk-to-dawn curfew in the ancient town.
The curfew takes effect from Thursday, October 8, 2026, following unrest and violent protests in the area.
According to reports, the action was taken to contain the unrest and violent protests by members of BEMOA following the death of one of its members by unknown gunmen.
The protest, which was reportedly hijacked by hoodlums, turned violent after an angry mob burnt two vehicles belonging to the Benue State Civil Protection Guards.
The Gboko council chairman said the curfew takes effect immediately and warned that anyone caught flouting the order or breaching public peace would be decisively dealt with.
Nine people have died in a fatal road crash along the Ijebu-Ode-Benin Expressway in Ogun State.
The crash occurred on Monday at about 4:55pm around the Bethel area along the Ijebu-Ode/Ore axis of the expressway. It involved a white Toyota Hiace commercial bus belonging to Delta Line and a white Sino truck operated by Bill Gas Solution Ltd.
According to the Federal Road Safety Corps (FRSC), all nine people involved in the crash, comprising three males and six females, died in the incident.
The FRSC said the crash occurred while it was raining and the road was wet, with preliminary investigations identifying speed violation as the probable cause.
The FRSC rescue team arrived at the scene shortly after receiving the report, while the bodies of the victims were taken to the General Hospital Morgue in Ijebu-Ode.
The Ogun State Sector Commander, Oludare Ogunjobi, urged motorists, especially commercial drivers, to obey speed limits and exercise extra caution when driving in the rain.
Minister of Education, Dr Tunji Alausa, speaks on the role and importance of teachers in the world to celebrate Teachers’ Day today.
He spoke on technology and its advancement and shared that while it is going well, teachers can never be replaced.
“These tools can help teachers reach learners and tailor instruction, but the judgement, encouragement and human connection of a skilled teacher remain indispensable,” he said.
“Every doctor, engineer, scientist, entrepreneur and public servant has benefited from a teacher and could not have become what they are today without teachers,” the minister said.
“When we honour teachers, we honour the people who make every other profession possible.”
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