Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Jurgen Klopp admits he may have changed his mind about the need for VAR in football, after another incident-filled match for his Liverpool side in the Champions League. The Reds’ 1-1 draw with Danish champions FC Midtjylland on Wednesday saw a number of interventions from the video assistant referee. First Midtjylland were awarded a penalty for a foul by Liverpool goalkeeper Caoimhin Kelleher on Anders Dreyer. The forward had initially been flagged offside by the assistant referee but replays showed, eventually at least, that he had been onside, though there was a lengthy delay as the referee headed to the pitchside monitor to rule on Kelleher’s subsequent challenge. Andreas Scholz converted from the spot to equalise for the home side after Mohamed Salah had opened the scoring. There was m...
Ethiopia and the United Nations reached an agreement on Wednesday to channel desperately needed humanitarian aid to a northern region where a month of war has killed, wounded and uprooted large numbers of people. The pact, announced by U.N. officials, will allow aid workers access to government-controlled areas of Tigray, where federal troops have been battling the Tigray People’s Liberation Front (TPLF) and captured the regional capital. The war is believed to have killed thousands, sent 45,000 refugees into Sudan, displaced many more within Tigray, and worsened suffering in a region where 600,000 people were already dependent on food aid even before the flare-up from Nov. 4. Aid agencies had sounded the alarm about a growing humanitarian crisis and been pressing for access, after hundred...
The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opp...
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