Business
Naira now wørst performing currency in the world — Report
The nation’s currency, the naira, has taken a downturn, emerging as the world’s worst performing currency in the past month, a recent Bloomberg report says.
The reversal came after naira’s recent gains, emerging as the world’s worst-performing currency after a wonderful performance last month.
The report, which emerged on Friday, emphasised that the development has placed increased pressure on the Central Bank of Nigeria, CBN, to continue raising interest rates. The local currency depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.
According to the report, the decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply. Yemi Cardoso, CBN governor, had previously hailed the naira as the best-performing currency globally as of April 2024.
The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market. However, the CBN governor attributed the achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.
The Chief Economist for Africa and the Middle East at Standard Chartered, Razia Khan, spoke with Bloomberg, estimating that $1.3 billion in naira futures will mature at the end of this month, potentially dampening market sentiment.
“The belief is that this will create more demand for dollars. When the currency appreciated very fast, there had been a bout of profit-taking by offshore investors, and this meant that the dollar-naira exchange rate backed up again.
In a strategic move to strengthen its corporate governance, Sage Grey Finance Limited has appointed Akinsanya as its new Independent Non-Executive Director.
The appointment reflects the company’s commitment to robust leadership as it expands its footprint in lending, investments, and fund management within Nigeria’s financial sector.
Source: BusinessDay.ng
The Managing Director and Chief Executive Officer of the Rural Electrification Agency (REA), Abba Aliyu, has said Nigeria is the second country in the world with the highest number of people living without access to electricity.
Speaking on Channels Television’s Morning Brief on Monday, Aliyu explained that only India has more people without power supply than Nigeria.
He however stressed that the current administration has put in place a structured plan to address what he called electricity poverty.
“I recently came across a post by The Economist which showed that only India has more people without electricity access than Nigeria. But unlike many other countries, Nigeria now has a well-structured plan to address this challenge,” he said.
Aliyu noted that the REA does not operate on the national grid but focuses on off-grid and underserved communities.
“If you have a problem with your Disco, that’s not within our mandate. Our focus is on communities without access to electricity,” he clarified.
Highlighting the agency’s ongoing projects, the REA boss pointed to the Distributed Access to Renewable Energy Scale (DARES) initiative, describing it as the largest public renewable energy project in the world.
According to him, the $750 million programme aims to deliver electricity to 17.5 million Nigerians who currently live without power.
Governor of Kaduna State, Senator Uba Sani, has appointed Ben Solomon Dalhatu Kure as the Managing Director of Kaduna State Media Corporation (KSMC).
Ibraheem Musa, Chief Press Secretary to the Governor, disclosed this in a statement at the weekend.
Kure replaced Ahmed Maiyaki, who has just been appointed the Commissioner for Information.
He is expected to build on Mr. Ahmed Maiyaki’s leadership, which has repositioned the media corporation.
Before this appointment, Kure served as the Chairman of Jaba Local Government from 2016 to 2017, Executive Secretary of the Kaduna State Emergency Management Agency from 2018 to 2019, and Special Adviser (Political Matters) to the Kaduna State Governor from 2019 to 2021.
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