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 Economic and Financial Crimes Commission (EFCC) has declared Bashir Haske, son-in-law of former Vice-President Atiku Abubakar, wanted over allegations of criminal conspiracy and money laundering.
EFCC spokesperson Dele Oyewale confirmed the development in a statement on Thursday, urging the public to come forward with any information that could help in Haske’s arrest.
The statement read, “Abdullahi Bashir Haske, whose photograph is above, is wanted by the EFCC in connection with an alleged case of criminal conspiracy and money laundering.”
Haske, 38, was last known to live at No. 6 Mosley Road, Ikoyi, and 952/953 Idejo Street, Victoria Island, Lagos. The commission is asking Nigerians nationwide to assist in locating him by reaching out to any of its offices, including those in Lagos, Abuja, Kano, Port Harcourt, Enugu, Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, and Gombe.
.President Bola Tinubu has called on Nigerians living abroad to bring their resources and expertise back home to support national development and economic growth. He made the appeal on Thursday during an interactive meeting with members of the Nigerian diaspora at the ongoing Tokyo International Conference on African Development (TICAD9) in Japan.
In a statement released by his Senior Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said Nigeria is on a path of resurgence under his leadership. He described leadership as “thinking and doing,” emphasizing that his administration’s focus is on creating an environment where every Nigerian can experience the benefits of change.
Highlighting key achievements, the president pointed to improvements in passport processing, efforts to curb medical tourism through upgraded healthcare facilities, and broader economic transformation.
“I am glad to hear from you and share that many of our people are returning home. While it is a personal choice for some to stay abroad for economic reasons, the opportunities in Nigeria are strong, don’t stay away,” he said.
Tinubu also stressed that true citizenship goes beyond holding a Nigerian passport; it is reflected in one’s character and dedication to the country’s progress. He cautioned against negative portrayals of Nigeria, noting that such actions hinder investment and slow down development.
Peter Obi, the Labour Party’s 2023 presidential candidate, has strongly criticized the plan to raise salaries for politicians in Nigeria. The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is reportedly pushing for a pay increase for political leaders, but Obi questioned both the timing and the reasoning behind it.
In a statement on his official X handle, the former Anambra governor described the move as insensitive and greedy, especially at a time when ordinary Nigerians are facing worsening economic conditions. He called it a shameless attempt by leaders to enrich themselves while the majority continues to struggle.
Obi argued that political office should be about service, not personal gain. He said the RMAFC’s decision to focus on rewarding politicians instead of addressing the needs of neglected public workers, particularly underpaid and overworked police officers, was provocative and scandalous.
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