News
The Naira’s Decline and Economic Implications in Sub-Saharan Africa

As of August 2024, the Nigerian naira is officially recognized as one of the worst-performing currencies in Sub-Saharan Africa, a designation underscored by the World Bank’s latest report, “Africa’s Pulse.” The naira experienced a staggering depreciation of approximately 43 percent year-to-date, positioning it alongside the Ethiopian birr and South Sudanese pound in a category of weakness that signals severe economic distress.
The factors contributing to this alarming decline are multifaceted. A significant surge in demand for United States dollars in the parallel market has created immense pressure on the naira. This demand predominantly stems from financial institutions and non-financial end-users, which has been exacerbated by a scarcity of dollar inflows and delays in foreign exchange disbursements from Nigeria’s central bank. Despite the government’s attempts at reforming the foreign exchange market, including liberalization efforts initiated in June 2023, such measures have yet to yield the desired stabilization of the currency.
The ramifications of the naira’s depreciation extend beyond mere currency valuation; they permeate the lives of consumers and businesses alike. As the value of the naira continues to dwindle, imported goods have seen a marked increase in prices, further straining the purchasing power of Nigerian households. In contrast, while the naira falters, other currencies in the region, such as the Kenyan shilling and South African rand, have shown resilience and recovery, highlighting the varying economic trajectories within the continent.
Even amidst these challenges, there have been isolated signs of optimism. The naira recorded a modest appreciation of 5.69 percent against the dollar in mid-October 2024. However, this recovery was coupled with a significant decline in foreign exchange turnover, which plummeted by 44.27 percent within the same timeframe. Such fluctuations underscore the volatility of the naira and the persistent underlying economic challenges facing Nigeria.
The World Bank’s cautious outlook for Nigeria forecasts a projected Gross Domestic Product (GDP) growth of 3.3 percent in 2024, with a gradual acceleration expected into 2025-2026. Yet, the recent removal of fuel subsidies has led to a dramatic rise in gasoline prices, further intensifying inflationary pressures that peaked at 34.2 percent in June 2024. Though inflation showed signs of moderating, the continued escalation of fuel prices has the potential to reverse these gains, posing a formidable challenge to policymakers.
In conclusion, the plight of the naira serves as a microcosm of Nigeria’s broader economic struggles. While reforms and market adjustments are underway, the immediate future remains fraught with uncertainty. Addressing the systemic issues that have led to the naira’s depreciation will be critical not only for stabilizing the currency but also for fostering sustainable economic growth in Nigeria and the wider Sub-Saharan region.
Foreign
Recent Allegations Surface Regarding Actress Angela Okorie’s Relationship.

Recent social media posts originating from Nollywood actress Angela Okorie have brought to light allegations of infidelity and exploitation within her now-terminated relationship with her partner, known as “Oil Money.”
Ms. Okorie has publicly accused Oil Money of engaging in affairs with fellow actresses within the industry. In a series of posts on her Instagram story, she characterized him as “efulefu,” implying a lack of substance and susceptibility to manipulation. She further alleges that he leveraged their relationship for personal gain, specifically to gain access to other prominent women in both Lagos and Nollywood.
These accusations, posted alongside an announcement of their separation, mark a stark turn in the actress’s public persona. Ms. Okorie has vowed to refrain from future public displays of affection, indicating a desire to protect herself from similar situations moving forward. The claims remain unverified and have not yet been addressed by Oil Money directly. The situation is developing and further details may emerge.
Foreign
Russia Responds to Potential Western Troop Deployment in Ukraine.

Moscow has reacted strongly to reports of potential troop deployments by France and the United Kingdom aimed at bolstering security in Ukraine. Foreign Ministry spokeswoman Maria Zakharova, in a briefing on Thursday, labeled the proposition of a multinational peacekeeping contingent as “insane.”
Ms. Zakharova further highlighted the apparent lack of widespread support within the European Union for the proposed intervention, suggesting the initiative lacks the necessary consensus for successful implementation. She also alluded to the necessity of U.S. involvement, stating that the coalition is unlikely to achieve its objectives without Washington’s backing. “Judging by the current discussions, Washington still has no intention of becoming involved in such an adventure,” she remarked, implying a pragmatic assessment of the potential ramifications by the United States.
Turning to the recent missile strike on Palm Sunday, Ms. Zakharova asserted President Zelenskyy’s “certain” responsibility for the ensuing consequences. She explained that the Russian Armed Forces had targeted a location in Sumy identified as hosting a Ukrainian command staff meeting. Ms. Zakharova further noted that President Zelenskyy subsequently dismissed the head of the Sumy military administration, Volodymyr Artyukh, seemingly “confirming the charges against him” in the aftermath of the incident.
Foreign
US Accuses Chinese Firm of Aiding Houthi Attacks.

The United States State Department has leveled serious accusations against Chang Guang Satellite Technology, a Chinese firm, alleging its direct support for Houthi rebel attacks targeting US interests. State Department spokesperson Tammy Bruce confirmed reports that the company is providing critical support to the Iran-backed group.
According to US officials cited by the Financial Times, Chang Guang Satellite Technology, which has ties to the Chinese military, is supplying the Houthis with satellite imagery used to target US warships and international vessels operating in the Red Sea.
The State Department condemned this action as “unacceptable,” further stating that it contradicts China’s self-proclaimed role as a global peacemaker. The department argues that Beijing, through companies like Chang Guang Satellite Technology, provides vital economic and technical assistance to regimes such as Russia, North Korea, and Iran, including its proxy groups. This accusation marks a significant escalation in tensions between the US and China, highlighting concerns over China’s role in destabilizing international security.
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