Goldman Sachs analysts have made a prediction, forecasting a significant turnaround for Nigeria’s currency, the naira, with an anticipated appreciation to N1,200 against the US dollar within the span of 12 months. The crux of Goldman Sachs’ forecast rests on Nigeria’s transition away from volatile monetary policies and deeply negative real interest rates, which have contributed to the naira’s prolonged depreciation. The past nine months have witnessed a staggering 60-70% cumulative weakening of the naira, signaling the urgency for strategic intervention to reverse this trend. However, amidst this optimism, skepticism abounds. Analysts point to what they describe as ‘inadequate moves’…
Author: Omolemi Eboisetale
President Joe Biden has thrown his support behind legislation that could result in the ban of the popular video-sharing app TikTok within the United States due to the mounting concerns about the potential compromise of Americans’ data to foreign entities, particularly China. The legislation, which unanimously passed through the U.S. House Energy and Commerce Committee, requires ByteDance, the Chinese company that owns TikTok, to divest its ownership of the app or face a U.S. ban. President Biden, speaking to reporters, affirmed his willingness to sign the bill if it passes through Congress. Former President Donald Trump, however, expressed opposition to…
The United States Mission to the United Nations has unveiled its delegation for the 68th Session of the UN Commission on the Status of Women (CSW68), set to convene from March 11 to 22, 2024, at the UN Headquarters in New York. This year’s CSW68 theme, “Accelerating the achievement of gender equality and the empowerment of all women and girls,” stresses the urgent need to address poverty, bolster institutions, and prioritize gender-inclusive financing to advance gender equality globally. Leading the U.S. delegation are Ambassador Linda Thomas-Greenfield, U.S. Representative to the United Nations, and Ambassador-at-Large for Global Women’s Issues…
President Bola Tinubu has vehemently condemned the recent abductions of internally-displaced persons in Borno State and students in Kaduna State. In a press release issued by his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, President Tinubu expressed his outrage over the abominable acts and directed security and intelligence agencies to take immediate action to rescue the victims. “I have received briefing from security chiefs on the two incidents, and I am confident that the victims will be rescued. Nothing else is acceptable to me and the waiting family members of these abducted citizens. Justice will be decisively administered,”…
The Lagos State Government has announced its intention to impose sanctions on Uber Technologies System Nigeria Limited for failing to comply with essential data-sharing agreements. Expressing profound disappointment over Uber’s persistent disregard for established regulations, particularly concerning critical Application Programme Interface (API) integration for enhanced safety and security, the Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, condemned the violation despite ongoing efforts to maintain a secure and regulated transportation environment. Mr. Osiyemi stated the non-negotiable nature of API integration, highlighting its crucial role in enabling real-time data sharing for government monitoring and accountability during active trips. This, he stressed,…
Nigeria’s Finance Minister, Wale Edun, has been elected as the new Chair of the West African Monetary Zone (WAMZ) Convergence Council, succeeding his Ghanaian counterpart. This appointment is important in the region’s pursuit of a single currency, akin to the Euro in Europe. Addressing a gathering of West African leaders, Edun cautioned that despite projected economic growth in Nigeria for 2023, it might not substantially enhance living standards for most Nigerians. Structural challenges and inequalities within the economy could hinder the distribution of benefits from this growth. Speaking about Nigeria’s commitment to fostering tangible improvements in people’s lives,…
Nigeria and India have reaffirmed their commitment to mutual collaboration in the defence sector. Dr. Muhammed Bello Matawalle, the Minister of State for Defence, emphasized Nigeria’s dedication to fostering a partnership with the Government of India during a meeting with Mr. Anurag Bajpai, the Permanent Secretary of the Ministry of Defence India, and his delegation at Ship House Abuja. Dr. Matawalle outlined various areas of mutual military cooperation, including intelligence sharing, joint training initiatives, and support for Nigeria’s efforts to combat insecurity. He hailed the meeting as a significant step towards enhancing operational capabilities and fostering closer ties between the…
The Department of State Services (DSS) has released an important advise cautioning against large gatherings that could present dangers during the coming religious observances; Lent for Christians and Ramadan for Muslims. According to DSS spokesman Peter Afunanya, it’s critical to be vigilant about potential threats in the public, especially improvised explosive devices (IEDs). He urged citizens to remain vigilant and report any suspicious activities or movements to the security agencies. Felicitating with both Muslim and Christian communities, Afunanya stressed the significance of tolerance, compassion, and respect for one another during these sacred rites. He cautioned against economic exploitation, sabotage, or…
Commemorating the International Women’s Day, Lagos State Governor, Babajide Sanwo-Olu, reaffirmed his administration’s unwavering dedication to advancing the development and welfare of women. Addressing attendees at this year’s commemoration event held at Mobolaji Johnson Arena, Lagos, themed ‘Count Her In: Accelerating Gender Equality Through Economic Empowerment,’ Governor Sanwo-Olu, represented by Deputy Governor, Dr. Kadri Obafemi Hamzat, stated the indispensable role of women in driving societal progress and need of empowering women economically as a catalyst for positive societal transformation. He acknowledged the resilience and invaluable contributions of women to the growth and development of Lagos State, pledging continued…
Former U.S. President Donald Trump has filed an appeal against the $83.3 million defamation verdict in the case brought by writer E. Jean Carroll. The appeal, submitted to the 2nd U.S. Circuit Court of Appeals in Manhattan, challenges various aspects of the January 26 verdict, which stemmed from Carroll’s accusation of rape against Trump dating back decades. Trump disclosed that he secured a $91.63 million bond from Federal Insurance Co. for the appeal, in line with the trial court’s practice of requiring bonds equal to 110% of judgments. Previously, Trump argued against the need for any security, claiming Carroll…
The Central Bank of Nigeria (CBN) has issued a stern warning to development finance institutions (DFIs), primary mortgage banks (PMBs), and microfinance banks (MFBs) in Nigeria regarding the timely submission of regulatory returns through the Financial Institutions Returns Automation (FinA) application. Failure to comply, the apex bank stated, would result in sanctions. In letters dated March 5, 2024, addressed separately to these financial institutions, the CBN expressed its disapproval of their tardiness in submitting their returns. The FinA system serves as an offsite surveillance automation platform for the online submission of returns by financial institutions to the CBN. Signed by…
The Murtala Muhammed International Airport (MMIA) in Lagos on Thursday experienced a brief power outage, at approximately 11:20 am local time in the E-arrival hall of the MMIA old terminal which disrupted the airport operations. To clarify the issue, The FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah, released a statement stating that the power disruption resulted from an electrical short circuit, which the airport’s engineering team swiftly addressed, restoring normalcy within minutes. The statement reads, “On March 7, 2024, at approximately 11:20hrs, a cable short circuit incident occurred at the E Wing of the Murtala Muhammed International…