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Naira Among Sub-Saharan Africa’s Weakest Currencies in 2024, Depreciates by 43%
The Nigerian naira has been named one of the weakest currencies in Sub-Saharan Africa in 2024, depreciating by 43% year-to-date, according to the World Bank’s Africa’s Pulse report.
This decline is due to high demand for U.S. dollars, limited inflows, and slow forex disbursements from the central bank. Despite reforms, broader economic challenges, including low reserves and inflation, continue to weigh on the naira.
However, the currency saw some recovery on October 14, appreciating by 5.69%. The World Bank projects Nigeria’s economy will grow by 3.3% in 2024.
Lagos State Police react to claims of them taking money from dispatch riders on the Coastal Road in Lagos.
It started after a rumour was shared that police arrest and take money from riders as a demand for high bribes, sometimes reaching ₦200,000, and seize motorcycles if not given.
The Police Public Relations Officer, SP Benjamin Hundeyin, then addressed the claims online and stated in his statement that he disagreed that the rumour is true and stated, “The spread of misinformation only causes more harm than good. In this era, we can and must do better.”
It has been announced by the governor of Ogun that Tuesday 3rd of February is a public holiday in order to mark the 50th anniversary of the state creation.
This public holiday declaration was released in a statement by the secretary of the state, Tokunbo Talabi.
He then added that the holiday will provide as a day for the citizens to participate in the activities for the state milestone.
Former Kogi politician, Dino Melaye, faces backlash from the public after he shared a video on social media of him abroad and living well through his luxurious lifestyle.
In the same video, he speaks about Nigeria’s current economy and shares his disappointment.
He wrote, “See country, God help us to build a true nation where our wicked leaders will be in jail and the right people in power. Nigeria must be fixed. YES WE CAN.”
However, many state that what he posted and what he is saying contradict each other, and they accused him of sharing his own records to know if he was a corrupt leader.
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