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Naira defies CBN’s forex reforms, tumbled 41% in 2024

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By Kayode Sanni-Arewa

The official exchange rate between the naira and the United States dollar ended in 2024 at N1,535/$, an analysis of data from the Central Bank of Nigeria has shown.

This was a 40.9 per cent depreciation over the year when compared to the official rate at the close of 2023, which stood at N907.11/$.

The significant depreciation comes amid the CBN’s introduction of several foreign exchange policies aimed at enhancing market transparency and attracting foreign investors.

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These measures included reforms such as the unification of FX windows under the Nigeria Foreign Exchange Market and the introduction of the Nigerian FX Code, which mandated ethical conduct and governance among market participants.

On the parallel market, where the naira trades unofficially, the currency exchanged at N1,660/$ at the end of 2024.

This represents a 26.8 per cent depreciation from N1,215/$ recorded at the close of 2023.

The year saw the CBN aggressively expand market-friendly policies to stabilise the FX market and attract foreign investment.

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This year, the CBN announced that it had successfully cleared all valid FX backlogs, fulfilling a key commitment by Governor Olayemi Cardoso to address the inherited $7bn in outstanding claims.

In May 2024, the CBN issued revised guidelines to strengthen the operations of Bureaux de Change operators in Nigeria.

The guidelines define permissible activities for BDCs, such as sourcing foreign currency from specified entities and selling foreign exchange for purposes like Personal Travel Allowance and Business Travel Allowance.

The CBN automated foreign currency trading to replace the over-the-counter system, improving market efficiency and oversight.

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Another key intervention was the direct selling of FX to BDCs at different times this year.

The apex bank also sold FX on the official market but at a minimal level.

Also, the Nigerian FX Code, introduced in October, set ethical and operational standards for market participants, with mandatory compliance deadlines by the end of 2024.

To bolster foreign reserves and reduce pressure on the naira, the apex bank initiated the Voluntary Disclosure and Repatriation Scheme, allowing individuals and businesses to deposit and invest internationally tradable foreign currencies in designated domiciliary accounts.

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There was also the Nigeria Foreign Exchange Market framework, which consolidated all FX trading windows into a unified market to improve transparency and liquidity.

BDC operators were temporarily allowed direct access to buy FX from authorized dealers with a weekly cap of $25,000, a measure implemented during the festive season to meet heightened demand

Despite these interventions, the naira faced immense pressure from limited foreign exchange inflows, the widening gap between official and parallel market rates, and lingering effects of capital flight by foreign investors.

The World Bank listed the naira among the worst-performing currencies in Sub-Saharan Africa in 2024.

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The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.

The World Bank’s report further highlights that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.

However, the International Monetary Fund has reported that the naira is showing signs of stabilisation, attributing this to recent interest rate hikes and efforts by the Central Bank of Nigeria to address foreign exchange backlogs.

President Bola Tinubu, during his budget presentation speech, said the proposed budget was based on the projections that inflation will decline from the current rate of 34.6 per cent to 15 per cent next year.

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He projected that the exchange rate will improve from approximately N1,700 per US dollar to N1,500 and a base crude oil production assumption of 2.06 million barrels per day.

The President of the Association of Bureau De Change of Nigeria, Aminu Gwadebe, earlier said the N1,500/$ peg in the 2025 Appropriation Bill was within reach on the back of recent foreign exchange reforms being pushed by the CBN.

However, Fitch Ratings, a global credit rating agency, noted that a larger-than-expected budget deficit in 2025 could lead to further naira depreciation, higher inflation, and increased borrowing costs, ultimately threatening the government’s reform agenda.

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NDLEA starts nationwide training of counselors on standard rehab guidelines(Photos)

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. We’ll continue to entrench best global practices in our drug demand reduction efforts, says Marwa

The National Drug Law Enforcement Agency (NDLEA) has commenced a comprehensive training programme for its counselors nationwide, aimed at standardizing operational protocols and strengthening clinical competencies in line with global best practices for drug demand reduction.

The training, which commenced at the NDLEA Academy, Jos, Plateau State, is being coordinated by the Directorate of Counseling, Treatment and Rehabilitation (DCTR) and brings together over 100 counselors drawn from the Agency’s formations across the country.

The exercise marks the first Agency-driven capacity-building programme of its kind for NDLEA counselors in several years, a development that has been widely commended by participants as a demonstration of the Agency’s renewed commitment to the professional growth of its counseling workforce.

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Speaking at the commencement of the phase 1 of the exercise, Chairman/Chief Executive Officer of the Agency, Brig Gen Mohamed Buba Marwa (rtd) who was represented by the Director, Counseling, Treatment and Rehabilitation, ACGN Bashir Ibrahim, said the training is critical to revitalizing staff morale and equipping officers with modern therapeutic tools to tackle the evolving complexities of substance use disorders, describing it as a reaffirmation of the rehabilitation pillar of the Agency’s mandate and a guarantee that clients across NDLEA facilities receive evidence-based, quality interventions.

According to him, “key objectives of the training include harmonizing practice through uniform protocols across all State Command rehabilitation facilities; enhancing clinical proficiency to address emerging psychoactive substances and co-occurring mental health disorders; aligning the Agency’s rehabilitation practices with national and international standards; strengthening ethics, confidentiality and quality assurance; improving data management for evidence-based policymaking; promoting continuous professional development through peer review and clinical supervision; and optimizing rehabilitation outcomes by reducing inconsistencies in service delivery.”

He said the initiative underscores the Agency’s commitment to building a resilient, well-equipped counseling workforce capable of responding effectively to the nation’s drug demand reduction needs, adding that the training is expected to significantly improve the quality of care across NDLEA rehabilitation facilities and reinforce the integrity of Nigeria’s drug treatment and rehabilitation architecture.

Marwa assured that the Agency will continue to invest in the capacity of its personnel as part of its holistic approach to tackling drug supply and demand reduction in the country.

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Gov Muftwang saddened over demise of Dotun Oladipo condoles with family says he was an outstanding media practitioner

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The Governor of Plateau State, Caleb Manasseh Mutfwang, has extended his heartfelt condolences to the Oladipo family and the Nigerian media industry following the passing of Dr. Samson Dotun Oladipo, a veteran journalist and distinguished media professional.

In a condolence message, Governor Mutfwang described the late Dr. Oladipo as an ace journalist and a towering figure in the media industry, whose immense contributions to journalism helped shape public discourse, promote democracy and good governance, and project a positive image of Nigeria before the international community.

The Governor commended his decades-long career in journalism, marked by professionalism, intellectual depth, integrity, and an unwavering commitment to ethical journalism.

He noted that Dr. Oladipo’s dedication to mentoring and nurturing younger professionals contributed significantly to building a new generation of journalists equipped with the knowledge, skills, and values required to serve the nation creditably.

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Governor Mutfwang recalled with nostalgia his encounter with Dr. Samson Dotun Oladipo during one of the visits of the Nigerian Guild of Editors to Plateau State for its Annual General Meeting, describing the memory as a cherished one, and expressed deep sorrow over his passing.

Governor Mutfwang said the demise of Dr. Oladipo, a newspaper editor and later Publisher of the Eagles Online platform, was not only a monumental loss to his immediate family, the Nigerian Guild of Editors (NGE), the Nigerian Union of Journalists (NUJ), and the journalism profession, but also a profound loss to the entire media community and the nation, considering his remarkable contributions to journalism and national development.

On behalf of his family, the Government and the peace-loving people of Plateau State, Governor Mutfwang conveyed his deepest sympathies to the Oladipo family, the Nigerian Guild of Editors, the Nigerian Union of Journalists, and the entire media community over the painful loss. He prayed that Almighty God would grant the deceased eternal rest and comfort the family, colleagues, and all those mourning his passing.

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Discovery: ‘True Tomb’ Of Jesus Christ Found After 2,000 Years Matches Biblical Description Account

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After years of searching, Italian archaeologists have discovered an ancient site that matches a Bible description of the tomb where Jesus Christ was buried.

This was made known by a preliminary study in the Jerusalem archaeological journal Liber Annuus.

“We have found evidence of a funerary landscape,” lead archaeologist Francesca Romana Stasolla, of the “La Sapienza” University of Rome, told the Daily Mail.

The researchers had been excavating Jerusalem’s Church of the Holy Sepulchre, a fourth century Roman Church that was built over a holy site where many Christians believe Christ was crucified, buried and then resurrected.

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True tomb? of Jesus Christ found after 2,000 years and it matches the Biblical description
The church of the Holy Sepulchre

As a result, it’s become a mecca for religious pilgrims from across the world, attracting around four million visitors per year.

?True tomb? of Jesus Christ found after 2,000 years and it matches the Biblical description
Pilgrims praying at the Church of the Holy Sepulchre

During the final phases of the excavations in 2025, the team found a peculiar landscape that suggests they might have been onto something.

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Underneath the church was an abandoned quarry, cultivated plots of land, rock-cut tombs and an ancient garden.

Coincidentally, the Book of John said: “At the place where Jesus was crucified, there was a garden, and in the garden a new tomb, in which no one had ever been laid.”

While no one had been found in the tomb, the abundance of parallels was compelling.

John 19:20 says that the crucifixion occurred close to Jerusalem, while Hebrews 13:12 claims that it occurred outside the city gate, which was the exact location of the quarry at the time of Christ.

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Sections of the quarry measured 20 feet deep and had been filled with dirt, suggesting that it served a pastoral purpose.

The site’s agricultural function was further supported by the discovery of olive trees and grapevines — possibly the same plant referenced in John 19:41 — that date back to the time of Jesus‘ de@th, which is believed to have happened around 33 A.D.

“The gospel mentions a green area between the Calvary and the tomb, and we identified these cultivated fields,” Stasolla told the Times of Israel.

In fact, the graves, which were carved directly into the stone, proved that it was an actual burial ground, and matched descriptions by Matthew, Mark and Luke of Jesus’ grave as having been carved from rock.

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The evidence goes beyond parallels to the Bible. One particular chamber had been obstructed by a Roman structure built during Emperor Hadrian’s reign in the second century.

Around 200 years later, builders employed by Constantine’s workers destroyed the Roman structure and dug up the site to reveal the tomb, which they then separated from the other chambers.

While this doesn’t definitely prove that this was Jesus’ burial site, the campaign to preserve it suggested that knowledge of the site had been passed down to early generations of Christian worshippers.

“The real treasure we are revealing is the history of the people who made this site what it is by expressing their faith here,” Stasolla told the Times. “Whether someone believes or not in the historicity of the Holy Sepulchre, the fact that generations of people did is objective. The history of this place is the history of Jerusalem, and at least from a certain moment, it is the history of the worship of Jesus Christ.”

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