News

Naira rated worst performing currency in 2024

Published

6 months ago

June 30, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The naira has emerged as the worst-performing currency in the world in the first half of 2024.

According to a report by Bloomberg on Friday, devaluation, insufficient dollar liquidity, and market volatility have hindered efforts by the Central Bank of Nigeria to strengthen the currency.

Besides the naira, Egypt’s pound and Ghana’s cedi were the world’s other worst performers in the first six months of the year.

Tracking data from FMDQ, Bloomberg said that the naira weakened for a ninth straight day to 1,510 per dollar by the close on Thursday.

“The losing streak is the longest since July 2017 and takes the decline since the start of the year to 40 per cent.

“The naira’s performance is the worst among global currencies tracked by Bloomberg beside that of the pound in Lebanon, which is undergoing an economic crisis and witnessing dollarisation,” the report noted.

Providing an update on the currency, the Head of Africa Strategy at Standard Chartered Bank Plc, Samir Gadio, in a mail said, “While the naira is undervalued and has seen significant adjustment. The supply of dollars needs to improve for the currency to be supported.

“Portfolio inflows have yet to pick up, even amid still-attractive local rates

“What will matter going forward is whether it can stabilise on improving foreign exchange inflows and perhaps see some appreciation.”

According to PwC in its latest economic report on Nigeria, the naira depreciated against the dollar by 67.8 per cent from an average of N461.1 in May 2023 to N1,433.80 in May 2024.

“The depreciation took effect despite foreign exchange market reforms by CBN to achieve price discovery and attract liquidity to the market,” PwC said.

In March, the naira had emerged as the best-performing currency in the world, a feat which was reversed the next month.

Bloomberg added that the currency was volatile between mid-April and May due to the imbalance between demand and supply for the greenback before the trend moderated in June on an improvement in dollar inflows.

Meanwhile, earlier this week, the CBN Governor, Olayemi Cardoso, stated that the worst of the naira’s volatility may be over.

The naira has traded in a narrow range between 1,473/$ and 1485/$ this month, according to FMDQ data compiled by Bloomberg.

That has sent its 10-day rolling volatility to the lowest in a year and its 100-day swings to the least since November.

News

Nigeria Congratulates Qatar on National Day

Published

3 minutes ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The Federal Government of Nigeria has extended its heartfelt congratulations to the State of Qatar on the occasion of its National Day, celebrated on Wednesday, December 18, 2024.

In a statement signed by the Acting Spokesperson for the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, Nigeria’s Minister for Foreign Affairs, Ambassador Yusuf Maitama Tuggar, conveyed fraternal greetings to Qatar’s Prime Minister and Minister of Foreign Affairs, His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.

The statement highlighted Qatar’s commitment to promoting global peace and its significant contributions to humanitarian services worldwide.

“The Federal Government of Nigeria commends the commitment and strategic efforts made by the State of Qatar in the promotion of global peace; and more so, the excellent contributions to humanitarian services in different parts of the world,” it read.

Ambassador Tuggar emphasised the strong and growing relations between Nigeria and Qatar, expressing satisfaction with the collaborative efforts to strengthen ties for the mutual benefit of their citizens.

He wished Qatar peace, prosperity, and progress, reaffirming Nigeria’s enduring friendship and support.

This underscores Nigeria’s recognition of its diplomatic relationship with Qatar and its shared commitment to global cooperation and development.

News

Reps Recommends Delisting NECO, UI, Labour Ministry, 21 Others From 2025 Budget

Published

12 minutes ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives Public Accounts Committee (PAC) has called for the removal of the National Examination Council (NECO), University of Ibadan (UI), Federal Ministry of Labour and Employment, and 21 other federal Ministries, Departments, and Agencies (MDAs) from the 2025 budget.

This recommendation follows their repeated failure to account for previous allocations and internally generated revenue.

During an extraordinary session on Wednesday, December 18, 2024, the Committee resolved that these MDAs should be excluded from the budget until they comply with its directives.

Chairman of the Committee, Rep. Bamidele Salam, stressed: “The Financial Regulation empowers the National Assembly to exclude any Ministry, Department, or Agency (MDA) that fails to account for their previous appropriations. As such, the listed MDAs should be excluded from the 2025 budget until they appear before this constitutional committee.”

The decision was prompted by the consistent non-compliance of these MDAs despite multiple summons issued by the Committee to scrutinize their financial operations.

Prominent institutions among those recommended for delisting include hospitals, universities, and federal development agencies. Some of the affected MDAs are:

Federal Medical Centre, Bida
Federal Ministry of Labour & Employment
Ahmadu Bello University Teaching Hospital, Zaria
Nigeria Police Force: Department of Information and Communication Technology
Federal College of Education (Technical), Asaba
Federal College of Education, Yola
Federal Polytechnic Ekowe, Bayelsa State
Abubakar Tafawa Balewa University Teaching Hospital, Bauchi
Federal University of Technology, Minna
Cross River Basin Development Authority
Nigeria Office for Trade Negotiation
National Examination Council (NECO)
Nigeria Police Academy, Wudil
Presidential Amnesty Programme
Galaxy Backbone
Senior Special Assistant to the President on Sustainable Development Goals

Others include the National Health Insurance Authority (NHIA), Nigeria Nuclear Regulatory Authority, National Space Research and Development Agency, Federal Cooperative College (Ibadan), Upper Niger River Basin Development Authority, University of Lagos, University of Ibadan, and Federal School of Survey, Oyo State.

The Committee unanimously recommended that the MDAs in question be delisted from the 2025 budget until they comply with the request for documentation and provide necessary financial clarifications.

News

Reps Call for Revival of NAPAC to Boost Transparency, Accountability

Published

21 minutes ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called for the revitalization and strengthening of the National Association of Public Accounts Committees (NAPAC) to enhance transparency, accountability, and good governance across Nigeria.

Chairman, House Committee on Public Accounts (PAC), Rep. Bamidele Salam, stated this at the joint sitting of Public Accounts Committees of Senate and House and inauguration of an Adhoc Committee for the reconvening of NAPAC at the National Assembly on Tuesday, emphasised the importance of collaboration among Public Accounts Committees at both federal and state levels.

Formed in 2014, NAPAC comprises 38 chapters nationwide, including the Public Accounts Committees of the Senate, House of Representatives, and all 36 State Houses of Assembly, Rep. Salam noted that the Association has been dormant in recent years, necessitating urgent action to restore its relevance.

He stated, “This Association is a pivotal platform for promoting transparency and accountability in governance. However, in recent times, the Association’s activities have been dormant, necessitating the need for a quick revitalization.

“It is in this context that we are inaugurating this Ad-hoc Committee, tasked with the vital responsibility of reconvening the meeting of NAPAC.”

Salam outlined committee’s objectives, including reviving NAPAC’s activities, adopting innovative strategies to combat corruption, and collaborating with anti-corruption agencies, civil society, and the media.

He also stressed the importance of leveraging partnerships with continental and regional associations such as AFROPAC, WAPAC, and SADCOPAC for capacity building and knowledge sharing.

“The task ahead is daunting, but with collective effort, unwavering commitment, and an unshakeable faith in our nation’s potential, I am confident that we shall succeed,” he added.

In an interaction with journalists, thr Committee chairman, stressed plans to engage with the Auditor General of the Federation and Accountant General of the Federation to address delays in submitting reports on Ministries, Departments, and Agencies (MDAs).

“Of course, Nigerians should expect that we’re going to have more productivity, especially in consideration of the report of the Auditor General,” he said.

He noted that only the 2021 Auditor General’s report is currently before the National Assembly, a situation he described as inconsistent with constitutional provisions. Salam expressed the committee’s determination to ensure Nigeria catches up with the 2022 and 2023 reports by next year.

He added, “We’ll also be able to bring more of these agencies of government in line to ensure that all monies appropriated by the National Assembly are spent judiciously, efficiently, and in a lawful manner.”