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Naira maintains depreciation level against the Dollar in last 72hrs
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Naira on Wednesday recorded a three-day consecutive depreciation against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s data showed that it further dropped on Wednesday to N1,356.11 per dollar, down from N1,355.37 on Tuesday.
This means that the Naira declined by N0.74 on a day-to-day basis.
In the last three days, the Naira has weakened by N6.87 after the apex bank mopped up FX from the market.
At the black market, the Naira also dipped by N5 to N1375 per dollar on Wednesday, up from N1370 the previous day.
This comes as despite the continued surge of foreign reserves to $49.39 billion on February 24th, 2026.
Foreign
More Flights Delayed As UK Air Traffic Control Problem Causes disruption
More flights are expected to be delayed in the United Kingdom (UK) after a technical problem with the country’s air traffic control system led to more than 2,000 cancellations.
A total of 291 flights were cancelled on Wednesday after 1,750 were cancelled on Tuesday, according to aviation analytics firm Cirium. Tens of thousands of passengers have been affected by the disruption.
National Air Traffic Services (NATS), the UK’s air traffic control provider, blamed the disruption on a technical glitch. Its chief executive, Martin Rolfe, apologised and said a full investigation would be carried out.
He admitted that resolving the problem had taken “longer than hoped”.
Foreign Secretary Ed Miliband described the outage as “unacceptable”, while Transport Secretary Heidi Alexander summoned Rolfe to explain what happened.
The disruption affected several major UK airports, including Heathrow, Gatwick, Manchester and Birmingham. Airports in Ireland also reported disruption.
At Heathrow, departures were initially paused on Tuesday before operations resumed and then faced further disruption later in the day.
Heathrow said its operations were recovering on Wednesday but warned passengers of further delays because aircraft and crew needed to be repositioned.
Gatwick also said flights had resumed but warned that it would take time for operations to return fully to normal.
Passengers have been advised to check directly with their airlines before travelling to airports. Heathrow said passengers should only travel if they have a confirmed flight.
The technical fault affected NATS’ flight data processing system. Rolfe said it was not the same system that failed during a major disruption in 2023.
However, the latest incident is the third technical problem experienced by NATS in three years. A computer shutdown in 2023 caused widespread disruption affecting around 700,000 passengers, while another outage in 2025 resulted in about 150 cancellations.
Airlines including Ryanair and Wizz Air have called for changes to NATS. Wizz Air UK managing director Yvonne Moynihan said the company needed to consider whether NATS was “fit for purpose”.
Despite the disruption, Rolfe defended the UK’s air traffic control system, saying it remained one of the best in the world.
However, former NATS air traffic control manager Doug Maclean said repeated failures were undermining the system’s reputation.
Even though the technical issue has been resolved, passengers are expected to face further disruption because of the backlog of flights, aircraft and crew.
NATS said it was working to restore normal operations as quickly as possible.
(BBC News)
News
Reps Suspend South Africa Visits, Boycott Parliament Activities Over Xenophobic Attacks
By Gloria Ikibah
The National Assembly has suspended all official visits to South Africa and ordered lawmakers, committees, officials and staff to boycott legislative activities hosted or organisednat by South African legislative authorities until further notice.
The decision followed consultations between the leadership of the Senate and the House of Representatives amid continuing reports of xenophobic attacks, violence, intimidation and destruction of property targeting Nigerians and other African nationals living in South Africa.
The directive was issued by the leadership of the National Assembly, led by Senate President Godswill Akpabio and Speaker of the House of Representatives, Abbas Tajudeen.
In a communication conveying the decision, Clerk to the National Assembly, Kamoru Ogunlana, said the legislature was concerned by reports of Nigerians being killed, injured, displaced and forced to abandon their businesses, investments, homes and other properties following recurring violent attacks.
According to Ogunlana, following consultations between the leadership of both chambers, “the National Assembly has resolved to suspend all official visits to the Republic of South Africa and to boycott South African-hosted or South African-organised legislative activities and engagements until further notice.”
The suspension covers official visits to South Africa by the National Assembly, its committees, lawmakers, officials and staff.
It also applies to participation in legislative conferences, seminars, workshops, meetings, exchanges and other engagements organised, hosted, sponsored or co-sponsored by the Parliament of South Africa or other South African legislative authorities.
The directive extends to both physical and virtual engagements, including online meetings, parliamentary exchanges and other programmes hosted by South African legislative institutions.
No official delegation, committee, lawmaker, official or staff member is permitted to participate in such engagements during the suspension without the prior express approval of the National Assembly leadership.
Existing arrangements, invitations and proposed programmes involving official visits or legislative engagements in South Africa are also to be reviewed in line with the directive.
The National Assembly said it was particularly concerned that reports of attacks had continued despite repeated appeals by the Nigerian Government and other stakeholders for the South African authorities to take decisive action to protect Nigerians and other foreign nationals and bring perpetrators to justice.
It acknowledged efforts by the Federal Government and other stakeholders to assist affected Nigerians and facilitate the evacuation of Nigerian nationals from South Africa, describing such interventions as an indication of the seriousness of the situation.
The legislature said that, as the institution constitutionally representing Nigerians, it could not ignore persistent attacks against Nigerian citizens abroad.
It said reports of Nigerians being killed, injured, displaced or forced to abandon their businesses, investments, homes and property warranted a parliamentary response.
The National Assembly described the decision as a firm but measured response to threats to the safety, dignity and welfare of Nigerians.
It stressed that while parliamentary diplomacy and inter-legislative cooperation remained important, such relations must be founded on mutual respect and a shared commitment to protecting life, property and lawful enterprise.
The decision, according to the statement, does not undermine Nigeria’s longstanding historical, diplomatic and people-to-people relations with South Africa. Rather, it is “a strong expression of concern over the safety, dignity and welfare of Nigerians living and conducting legitimate businesses in South Africa.”
The National Assembly urged the South African Government to take urgent and concrete measures to protect Nigerians and other African nationals, prevent further xenophobic attacks, investigate reported incidents, arrest suspected perpetrators and prosecute those found culpable.
It said the protection of law-abiding foreign nationals and prosecution of those responsible for criminal attacks were fundamental obligations under the rule of law and necessary to sustain confidence and goodwill between Nigeria and South Africa.
The National Assembly also urged the leadership of State Houses of Assembly across the country to take note of the decision and consider similar action.
The House of Representatives reaffirmed its commitment to protecting Nigerians abroad and said it would continue to monitor developments concerning the safety and welfare of Nigerians in South Africa.
While reaffirming Nigeria’s commitment to its longstanding relationship with South Africa and constructive diplomatic and parliamentary engagement, the legislature maintained that the safety, dignity, welfare and legitimate interests of Nigerian citizens must be respected and protected.
The suspension and boycott will remain in force until further notice, subject to review by the leadership of the National Assembly as circumstances warrant.
News
India Moves to Bridge BRICS Divisions Ahead of Summit
By Gloria Ikibah
India is working to bridge differences among members of the expanded BRICS bloc as negotiations continue on a joint declaration ahead of the group’s leaders’ summit in New Delhi.
Additional Secretary and spokesperson of India’s Ministry of External Affairs, Randhir Jaiswal, disclosed this at a dinner organised for journalists and content creators in New Delhi ahead of the summit.
Jaiswal said India regarded all BRICS members as partners and was committed to bringing them together despite differences within the grouping.
“India is friends with all BRICS member countries. As friends, it is our intention to bring all our partners together,” Jaiswal said.
Asked whether India had initiated any specific measure to narrow the divisions among members, the Indian official pointed to the ongoing negotiations on the summit’s joint declaration.
“You will have to wait for the joint statement.
The joint statement is being negotiated and there you will see how India brings everybody together,” he said.
Jaiswal said negotiations were being conducted collectively with all BRICS members but declined to disclose the countries involved in specific disagreements.
India is scheduled to host the 18th BRICS Leaders’ Summit on September 12 and 13, 2026, as the bloc adjusts to a more complex diplomatic environment following its expansion to 11 members.
Under its 2026 chairmanship, India has focused on resilience, innovation, cooperation and sustainability, while seeking to advance development priorities and strengthen the voice of the Global South.
The country’s economic agenda for the bloc includes the proposed BRICS Economic Partnership 2030, measures to expand trade in services, strengthen resilient supply chains and improve access to financing for small and medium-sized enterprises.
However, the expansion of BRICS has also brought together countries with divergent geopolitical and economic interests, making consensus on politically sensitive matters more difficult.
One of the most visible areas of disagreement has been between Iran and the United Arab Emirates. During the BRICS foreign ministers’ meeting in New Delhi in May, the UAE rejected Iranian allegations and defended its sovereignty and right to protect its national security.
The development highlighted the difficulty of reaching common positions within a grouping whose members have competing regional interests.
Differences also remain between India and China. Although both countries have taken steps to stabilise relations following the 2020 border clashes, they remain strategic rivals, with disagreements over security, technology and market access continuing to affect bilateral cooperation.
Another major area of tension involves Egypt and Ethiopia over the Grand Ethiopian Renaissance Dam and the use of Nile waters.
The dispute received renewed attention following Chinese President Xi Jinping’s state visit to Egypt from September 1 to 2.
In a joint communiqué issued during the visit, China recognised Egypt’s “legitimate right” to protect its water security, food security and development interests.
The two countries also called on Nile Basin states to comply with international law, including obligations relating to the prevention of harm.
Although the communiqué stopped short of explicitly endorsing Egypt’s position against Ethiopia, the reference to Nile-related concerns in a high-level China-Egypt statement adds another layer to the discussions within BRICS, where China, Egypt and Ethiopia are all members.
Economic differences are also expected to feature in discussions on the future direction of the bloc.
Russia and China have supported greater use of national currencies and alternatives to existing international financial arrangements, while other members have different priorities and approaches to economic cooperation.
With the summit bringing together leaders from 11 countries, India faces the challenge of producing a declaration that reflects the interests of members despite their competing geopolitical, security and economic positions.
The ongoing negotiations on the joint statement are therefore expected to provide an important test of India’s ability to build consensus within the enlarged BRICS grouping.
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