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Naira Loses 40% Of Value Against Dollar In First Half Of 2024

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By Kayode Sanni-Arewa

The Naira depreciated by over 40 percent in the first half of 2024 in the foreign exchange market.

FMDQ data showed that the Naira weakened to ₦1505.30 per dollar on Friday, down from between ₦896.6 and ₦907.11 where it closed on December 29, 2023.

The figures indicate that the Naira has faced continued instability against other currencies in recent months, following a period of appreciation that ended in mid-April 2024.

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The Naira peaked at ₦1,665.50 in February 2024 and reached its lowest point in April at ₦1,140 and ₦1,230.61 in the official and parallel foreign exchange markets, respectively.

The depreciation is a result of several policies implemented by the Central Bank of Nigeria (CBN).

These policies include unifying the FX market, regulating International Money Transfer Operators, intervening with Bureau De Change operators, imposing regulations on excess FX to banks, and recently withdrawing the Price Verification System Portal for importers.

Despite these policy reforms, the Naira has continued to fluctuate against the Dollar and other currencies in the foreign exchange market.

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According to Bloomberg, the Naira went from being the best-performing currency in April 2024 to the worst-performing in May.

As of Friday, the Naira closed at ₦1505.30 and ₦1515 in the official and parallel foreign exchange markets, respectively.

This depreciation occurred despite an increase in Nigeria’s external reserves, which stood at $34.07 billion as of June 26, 2024.

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Police ‘rescue’ landlord, daughter from k!dnappers clutches in Lagos

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By Kayode Sanni-Arewa

Suspected gunmen abducted a landlord and his daughter in the Ijede area of Ikorodu in Lagos.

In a statement on Sunday, Benjamin Hundeyin, the Lagos police spokesperson, said the kidnappers abducted the victims on Wednesday.

Hundeyin added that on Saturday, the command rescued the kidnapped victims unhurt and handed them over to their family members.

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According to the police spokesperson, the command has launched a manhunt for the perpetrators.

“The police received information that some kidnappers invaded Ijede community and kidnapped two persons,” the statement reads.

“Upon receipt of the report, police operatives were mobilised to the scene where it was observed that the kidnappers forcefully gained entrance into the house of a 40-year-old man, killed the security dog and kidnapped him.

“The kidnappers equally forced their way into the nearby house and kidnapped the landlord’s 25-year-old daughter.

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“With the collaborative efforts of both the police joint task force and other stakeholders, the kidnapped victims were rescued unhurt and handed over to their family members.

“The area is relatively calm and being closely monitored, and efforts are ongoing to apprehend the wanted suspects.”

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Just in: Tinubu extends immigration CG Nandap’s tenure till 2026

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By Kayode Sanni-Arewa

President Bola Tinubu has approved the extension of the tenure of the Comptroller-General of the Nigeria Immigration Service, Kemi Nandap, until December 31, 2026.

Nandap, who joined the NIS on October 9, 1989, was appointed as Comptroller-General on March 1, 2024, with an initial tenure set to end on August 31, 2025.

A statement by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, on Monday, said Tinubu commended Nandap for her leadership, noting improvements in border management, immigration modernisation, and national security under her watch.

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“Under her leadership, the Nigeria Immigration Service has witnessed significant advancements in its core mandate, with notable improvements in border management, modernisation of immigration processes and national security measures.

“President Tinubu commended the Comptroller-General for her exemplary leadership and urged her to continue dedicating herself to the Service’s strategic priorities, which align with his administration’s Renewed Hope Agenda,” the statement read.

He also reaffirmed his commitment to supporting the NIS in safeguarding Nigeria’s borders and ensuring safe and legal migration.

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Sad! Popular actor, Richard Chamberlain is dead

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Tragedy strikes the entertainment world as American actor and singer, Richard Chamberlain, passes away, leaving an Irreparable void.

According to reports, the renowned actor passed away prior to his 91st birthday, following complications from a stroke.

His passing has sparked an outpouring of condolences from fans and industry colleagues alike, as they mourn the loss of a beloved talent and celebrate his enduring legacy.

Moreover, tributes have flooded social media, with many remembering Chamberlain’s iconic roles in ‘Dr. Kildare,’ ‘Shōgun,’ and ‘The Thorn Birds.

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His contributions to the entertainment industry and his lasting impact on audiences worldwide are being widely acknowledged.

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