News
Naira Devaluation: External reserves fall by $1.65bn in six months
In the midst of ongoing foreign exchange volatility, Nigeria’s foreign exchange reserves have decreased by $1.6 billion to $32.97 billion since the Central Bank of Nigeria initiated efforts to unify the country’s foreign exchange rates.
On June 14, the central bank introduced new forex regulations, instructing Deposit Money Banks to eliminate the rate cap on the naira at the official Investors’ and Exporters’ Window of the foreign exchange market, enabling the national currency to freely float against the dollar and other global currencies. Since this announcement, both the naira and foreign currency reserves have experienced a decline, with the country’s gross FX reserves standing at $34.62 billion as of June 15.
Recent data from the Central Bank of Nigeria reveals that the foreign exchange reserves further dropped to $32.97 billion as of December 1, 2023. Inadequate foreign exchange reserves have been partially attributed to the foreign exchange crisis in Nigeria, as highlighted in a recent Africa Outlook report by the Economist Intelligence Unit.
The report indicated that Nigeria lacks sufficient FX reserves to support its exchange rate unification policy. The unsupportive monetary policy suggests that the naira will face ongoing pressure, with the central bank unable to adequately supply the market or address a backlog of foreign exchange orders. This situation is expected to unsettle foreign investors, leading to challenges in maintaining the exchange rate regime and periodic devaluations due to high inflation and disparities with the parallel market.
Professor Godwin Oyedokun, a Lead City University academic, identified weak economic fundamentals, low foreign reserves, increased external debts, and a dual forex window as factors contributing to Nigeria’s forex crisis. JP Morgan estimated Nigeria’s net FX reserves at $3.7 billion, emphasizing continued pressures on the FX market, though the Central Bank of Nigeria may acquire FX at commercial and semi-commercial rates.
Despite these challenges, the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, acknowledged the persistent fluctuation in the exchange rate during a recent event and pledged to ensure transparency and fairness in the bank’s operations. He expressed confidence in restoring macroeconomic stability and addressing fundamental flaws through appropriate corrective actions and strategic steps.
Convicted billionaire kidnapper Chukwudumeme Onwuamadike, also known as Evans, and his co-accused Joseph Emeka, have requested a plea bargain in their high-profile kidnapping case.
The News Agency of Nigeria (NAN) reports that the State lead counsel, Mr. Yusuf Sule, disclosed the plea bargain request to the court on Thursday during the case’s call for re-arraignment. The case is being heard by Justice Adenike Cokers of the Ikeja High Court.
Evans and Emeka were scheduled to be re-arraigned on an amended five-count charge, including murder, attempted murder, conspiracy to commit felony to wit: kidnapping, and attempted murder.
Sule informed the court, “The case was for re-arraignment, but I am aware that the defendants have applied for a plea.”
The prosecutor also noted that the plea bargain terms are being reviewed by the Attorney-General of Lagos State, Mr. Lawal Pedro (SAN).
Peruvian Health Minister Cesar Vasquez has classified transgender, non-binary, and intersex individuals as mentally ill.
On May 10, Peruvian President Dina Boluarte, Health Minister Cesar Vasquez, and Minister of Economy and Finance Arista Arbildo signed a decree. This decree states that transsexualism, dual-role transvestism, gender identity disorder in childhood, other gender identity disorders, and egodystonic sexual orientation are all categorized as mental health problems.
Cesar Vasquez explained that the decree was necessary for Peru’s public health services to ensure comprehensive medical attention for mental health issues.
The decree has sparked outrage among the LGBT (Lesbian, Gay, Bisexual, Transgender, and Queer) community, which has labeled it discriminatory.
A medical researcher at Lima’s Scientific University of the South noted that although the decree might have been well-intentioned, it shows a lack of understanding of complex LGBT issues and potentially opens the door to conversion therapy.
Manchester United legend Wayne Rooney has singled out captain Bruno Fernandes as the only senior player the club should retain at Old Trafford this summer.
Rooney urged the Red Devils to conduct a major clear-out of players during the summer transfer window.
This recommendation follows Fernandes’ key role in Manchester United’s crucial 3-2 victory over Newcastle United in the Premier League at Old Trafford on Wednesday.
Speaking to Sky Sports (via United in Focus), Rooney stated:
“He is the one player with quality and fight in him. I would keep the young players and Bruno, but all the other players need to go. There has to be a massive clear-out. It’s not going to happen in one year, but over the next couple of years.”
He added, “To compete with Man City, Liverpool, and Arsenal, they need better players.”
Billionaire Kidnapper ‘Evans’ Seeks Plea Bargain
Peruvian Gov’t Classifies Intersex, Transgender People As ‘Mentally Ill’
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