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Naira rated worst performing currency in 2024

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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.

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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.

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“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.

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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.

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

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SAD! Abductors k!ll soldier over delayed ransom payment

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By Kayode Sanni-Arewa

Kidnappers have killed a Nigerian Army non-commissioned officer, Abdulfatai Odutola, over a delay in ransom payment.

Recall that Odutola, a Senior Non-Commissioned Officer (SNCO), was abducted on February 15, 2025, along the Abuja-Jos highway.

He was reportedly travelling to Yola, the Adamawa State capital, at the time of the incident.

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His kidnappers had demanded a ransom of N20 million for his release.

A military internal memo earlier obtained by SaharaReporters had read, “Pls information reaching me now from this sldr whisky that MWO Abdulfatai Odutola (CC 23 BDE Yola) was kidnapped yesterday along Abuja-Jos Road, while returning to Yola. He left Ilorin on Friday 14th of Feb 2025 and slept at Abuja. He continued his movement from Abuja yesterday b4 the incident happened to him.

“Currently they are demanding N20,000,0000 for his release. Pse appropriate authority should help the sldr.”

However, another internal memo revealed that the body of the senior personnel has been recovered.

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“Information reaching us now from Yola is that the above MWO Abdulfatai Odutola’s body was discovered by police from Jos forest killed by his kidnappers after passing deadline for payment of 20 million naira ransom payment demanded by his kidnappers. Also his car was discovered. Kindly take action.”

SaharaReporters recently reported that Boko Haram/Islamic State West Africa Province (ISWAP) terrorists killed three army personnel during an attack on a military base in Borno State.

The terrorists reportedly attacked the military facility in Isige town, Gwoza Local Government Area, for several hours.

According to a source, the terrorists destroyed several buildings and stole two gun trucks during the assault.

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“There was an attack recently in Borno, one Staff Sergeant with two private soldiers were killed. However, the army authorities are silent over the attack which happened at a base in Isige Town, Gwoza Local Government Area of Borno State.

“They burnt one military vehicle while they went away with two gun trucks, later reinforcement came from nearby unit but then the Boko Haram fighters have left,” the source said. (SaharaReporters: Text, Excluding Headline)

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Canada gives new guidelines For Asylum Seekers Insists Evidence Of insecurity must be proven

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By Kayode Sanni-Arewa

Canada’s immigration authorities have clarified that seeking asylum does not provide an automatic exemption from immigration laws.

The Immigration, Refugee and Citizenship Canada (IRCC) emphasised that individuals seeking asylum must demonstrate that returning to their home country would subject them to serious harm in order to avoid deportation.

The asylum system is designed to offer protection to those fleeing threats such as torture, persecution, and inhumane treatment.

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IRCC has reiterated that the asylum process is not a shortcut to entering the country.

Applicants must provide verifiable evidence of persecution and undergo multiple checks, including medical examinations, biometric data collection, and security screenings.

The statement reads, “It is a rigorous process to determine whether you have a legitimate need for refugee protection according to Canadian and international laws. Our rules-based system will determine the validity of your claim. It’s important to understand that not all claims will be accepted. If you make an asylum claim in Canada, you will need to:

Have health, criminal, security and other background checks
Get a medical exam
Provide personal and biometric (photo and fingerprints) information
Provide concrete evidence of persecution and the risks of being in your home country
Declare on your application if you are working with a representative, even if you’re not paying them
“Providing false information on your refugee claim application is considered lying, and your application may be refused.

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“You’ll be removed from Canada if you don’t have a legitimate claim or are not eligible to make a claim in Canada. It can take a long time to get a final decision on your asylum claim. There’s no guarantee that you will be allowed to stay in Canada.”

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OSUN LG POLLS: Gov Adeleke Orders Restriction Of Vehicular Movement

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By Kayode Sanni-Arewa

Governor Ademola Adeleke has ordered restriction of vehicular movement from 5am to 5pm on Saturday 22nd February 2022 across Osun state.

The directive of the State Governor was sequel to the statewide local government elections that are scheduled to be held tomorrow across the state.

Governor Adeleke who reiterated his commitment to peace and security said the movement restriction is necessary to prevent importation of hoodlums into the state amidst local elections.

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He therefore directed security agencies to enforce the restriction and only allow voters and accredited media and civil society organizations for the continued peace and security of Osun state.

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