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Naira remains defeated despite CBN’s injection of $122.67m, $35.18bn in reserves accretion
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By Kayode Sanni-Arewa
Despite an increase in foreign reserves to $35.18 billion and the Central Bank of Nigeria’s (CBN) injection of $122.67 million into the market, the naira has experienced a significant depreciation.
On Friday, July 12, the naira closed at N1,563.80 against the US dollar, marking a new low for July.
This depreciation follows a slight appreciation the previous day and comes despite the CBN’s sale of $122.67 million to authorised dealers over two days.
Throughout the week, foreign exchange (FX) turnover fluctuated, peaking at $348.82 million on Thursday but sharply declining by 63.73 percent to $126.50 million on Friday.
The market saw a range of N1,496.46 to N1,586 per dollar, edging closer to the N1,600 mark.
Analysts say these developments underscore ongoing challenges in stabilising the naira amidst economic uncertainties and fluctuating market conditions.
This comes after the CBN governor, Olayemi Cardoso, assured that the naira would experience more stability due to the elimination of distortions and increased stakeholder confidence in the new forex market regime.
Similarly, data from the CBN revealed that Nigeria’s gross reserves rose to $35.18 billion as of July 10, representing a growth of 6.35 percent from the $33.08 billion gross reserve balance as of June 10, 2024.
This is the first time the reserves have crossed the $35 billion mark under the administration of President Bola Tinubu.
According to CBN data, as of May 30, 2023, the reserves were $35.09 billion, about 14 days before the introduction of the FX unification policy in June 2023.
However, when the CBN announced the FX unification policy, the external reserves dropped to $34.66 billion.
TRIBUNE
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South Africa deploy security personnel nationwide ahead of anti-migrant deadline
South African police will beef up security nationwide ahead of a June 30 deadline set by fringe anti-illegal immigration groups for undocumented foreigners to leave, law enforcement authorities said on Monday.
The country, one of Africa’s largest and most industrialised economies, has been on edge following weeks of sometimes violent xenophobic unrest that has left at least two people dead.
Small but organised groups have issued an ultimatum for undocumented migrants to exit or face consequences, a demand with no legal force.
“The South African Police Service has elevated its operational readiness across all provinces, with comprehensive deployment plans in place to protect communities, critical infrastructure and key public spaces,” acting police minister Firoz Cachalia said.
He stressed the right to peaceful protest but warned: “Criminality, intimidation, violence, the destruction of property and any attempt to undermine public safety will not be tolerated”.
The military would secure strategic sites such as airports and stand ready to assist police if needed, said Defence Minister Angie Motshekga.
“Indeed, if, and I hope it is not going to reach that point, called upon by the police to support, we will, but basically ours is around the key points,” she said.
South Africa, a longstanding magnet for migrant labour, faces joblessness above 30 per cent and a history of periodic anti-foreigner violence, fuelled by claims migrants drive crime and steal jobs.
Past flare-ups have been deadly: 62 people were killed in 2008 riots, with further outbreaks in 2015 and 2016.
Violence in 2019 saw armed mobs descend on foreign-owned businesses around Johannesburg, leaving at least 12 people dead — 10 of them South African citizens.
The latest tensions come ahead of local government elections scheduled for November 4.
During the voter registration at the weekend, gunmen shot dead four people linked to political parties in separate incidents.
Two of those killed were affiliated with the opposition Umkhonto we Sizwe (MK) party, which is headed by ex-president Jacob Zuma, South Africa’s leader between 2009 and 2018.
The third, a Democratic Alliance ward candidate, was shot in the Western Cape, while an African National Congress ward councillor was killed in the Eastern Cape.
News
Plateau boils again, 25 feared dead as bandits invade community
No fewer than 25 people have been reportedly killed following an attack by suspected bandits on Kawel community in Mushere District of Bokkos Local Government Area of Plateau State.
In a telephone interview with Channels Television’s correspondent, the Chairman of Bokkos Local Government Area, Samuel Amalau, confirmed the attack, saying the assailants stormed the community at about 12 a.m. on Monday and opened fire on residents.
He said the attackers also invaded a primary health care centre, where four persons were killed.
Earlier, a youth leader in the community, identified simply as Tula, disclosed that as many as 30 people were killed in the attack.
However, the local government chairman said the casualty figure so far confirmed by the authorities stands at 25.
Security agencies have yet to issue an official statement on the incident, while efforts are ongoing to verify the full extent of the attack.
The attack occurred three months after at least 20 security operatives and vigilantes were reportedly killed when heavily armed bandits ambushed a joint patrol team in Wanka and surrounding communities of the Garga area of Kanam in the state.
The Kanam Development Association (KADA) had in a statement signed by its Secretary, ND Shehu Kanam, and Chairman, Garba G. Aliyu, said the victims included 12 security personnel, among them two senior military officers, and eight vigilante members who were assisting security forces to protect the communities.
According to the statement, the patrol team—made up of military personnel and local vigilantes—was travelling in two vehicles on routine security operations across the communities of Garga, Kyaram and Gyambau when they were suddenly ambushed by hundreds of heavily armed bandits on their way to Wanka at about 2:00 p.m.
The association had added that after the ambush, the bandits reportedly stormed the Kyaram community, where they looted properties worth millions of naira and rustled a large number of cattle belonging to residents.
It also warned that the incident was not isolated, stressing that communities around Garga, Kyaram, Gyambau and neighbouring settlements located along the borders of Plateau, Taraba and Bauchi states had endured persistent attacks, kidnappings and cattle rustling for the past three to four years.
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News
SAD! Lassa Fever Kills 214, Fatality Rate Rises To 25% — NCDC
Lassa fever has claimed 214 lives in Nigeria, with the case fatality rate rising to 25 per cent.
According to the Nigeria Centre for Disease Control and Prevention Lassa Fever Situation Report for Week 23 (June 1 to June 7, 2026), the fatality rate represents an increase from the 18.9 per cent recorded during the same period in 2025.
“New confirmed cases remained steady in Week 23, matching the number recorded in Week 22. Infections were reported in Edo, Ondo, Bauchi, and Ebonyi states. No new healthcare worker infections were reported during the week.
“The outbreak has spread across 23 states and 109 Local Government Areas since January 2026,” the report stated.
Suspected and confirmed cases have also increased compared to the corresponding period last year.
According to the agency, five states account for 84 per cent of all confirmed cases.
“Ondo leads with 28 per cent, followed by Bauchi with 25 per cent, Taraba with 15 per cent, Edo with 10 per cent, and Benue with six per cent. The remaining 16 per cent of cases are spread across 18 other states with confirmed infections,” it added.
The agency noted that young adults remain the most affected demographic.
According to the NCDC, the predominant age group is 21–30 years, with cases ranging from one to 93 years and a median age of 30 years.
The agency said that, to coordinate the response, the National Lassa Fever Multi-Partner, Multi-Sectoral Incident Management System remains activated.
It explained that the IMS is supporting response activities at the federal, state, and local government levels.
Although no new healthcare worker infection was reported in Week 23, the NCDC said the higher fatality rate and wider geographical spread indicate continued transmission.
Surveillance and case management efforts are ongoing across the 23 affected states, the statement added.
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