News
Naira remains defeated despite CBN’s injection of $122.67m, $35.18bn in reserves accretion
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
News
See Photos if World’s Tallest and Shortest Women Meet for Afternoon Tea in London
The world’s tallest woman and the world’s shortest woman met for the first time this week, sipping tea from china cups — and bonding over what they have in common while celebrating their differences.
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
Rumeysa Gelgi, from Turkey, stands at 7 feet and 0.7 inches, while Jyoti Amge, from India, is 2 feet and 0.7 inches.
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
Jyoti Amge, shortest woman, and Rumeysa Gelgi, tallest woman, meet for the first time and share afternoon tea
“You’re so beautiful,” said Gelgi, 27. “Thank you — you too,” replied Amge, 30.
Their meeting, over afternoon tea at London’s Savoy Hotel on Tuesday, came ahead of Guinness World Records Day, which is held annually in November to mark record-breaking achievements and encourage people to attempt records. The pair have been honored as “World Record icons” in the 70th anniversary edition of the Guinness World Records book.
Story continues below advertisement
“Meeting Jyoti for the first time was wonderful,” Gelgi said in a release Wednesday. “She’s the most gorgeous lady. I was waiting to meet her for a long time.”
Gelgi said the pair bonded over their love for makeup, jewelry and doing their nails.
Video footage showed them sitting down for tea, cakes and sandwiches stacked next to them, with the London Eye visible from the window.
Amge said in the release that she was “so happy to look up” and see the world’s tallest woman, whom she called “good-natured.” She added that it was difficult at times for the pair to make eye contact “due to our height difference.”
“Guinness World Records is all about celebrating differences,” its editor in chief, Craig Glenday, said in a statement ahead of Guinness World Record Day, which is on Thursday.
“By bringing together these two amazing, iconic women, they can share their perspectives on life with each other and, also, with us,” Glenday said.
Gelgi’s record-breaking height is due to a rare genetic condition called Weaver syndrome, which causes rapid growth, according to the National Organization for Rare Disorders.
Story continues below advertisement
The primary symptom is growth and bone development that occurs faster than usual, making those affected taller than average. People with Weaver syndrome may have rigid muscles and difficulty extending their elbows or knees.
Gelgi used a walking aid for support during the pair’s meeting. Her case of Weaver syndrome was the 27th ever diagnosed and the first in Turkey, according to Guinness World Records.
Weaver syndrome is generally caused by changes in the EZH2 gene, according to the NORD, though the organization notes that some people with Weaver syndrome do not have a mutation in the gene.
Story continues below advertisement
Amge, an actor who played the character of Ma Petite in the television series “American Horror Story,” has a genetic growth disorder that occurs in the early stages of fetal development, known as achondroplasia.
According to Johns Hopkins, the condition causes shorter bones, abnormally shaped bones and shorter stature. While the genetic defect can be passed from parent to child, in about 80 percent of cases, achondroplasia results from a spontaneous mutation that occurs in the developing embryo.
On Thursday, Gelgi shared photos on Instagram of the two exploring London despite the cold weather, posing side by side in front of Tower Bridge.
News
Speaker Abbas Decries Gross Inadequacy In Health Sector Despite Annual Allocation
News
Reps Demand Details Of Project Undertaken From Ministry Of Solid Minerals In 2024 Budget
-
News14 hours ago
DHQ Gives Updates on on Arrest, Trial of Simon Ekpa in Finland
-
News14 hours ago
Japa: 1 of 4 Nigerians want to leave the country – NBS
-
News13 hours ago
Senate mandates military to free LGs under B’Haram control
-
News13 hours ago
OUTREACH: Senator Manu concludes 2-day ICT program for constituents, distributes over 500 laptops to students (Video/Photos)
-
News13 hours ago
2027: Obasanjo’s knock on INEC reopens push for electoral reform
-
News14 hours ago
I’m not too young or inexperienced to run for Lagos Governor – Speaker Obasa
-
News14 hours ago
Simon Ekpa Sent To Prison
-
News14 hours ago
Nigerian Catholic religious Sister Uti wins $1.2 million Opus Prize