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Nigeria Naira now among worst performing currencies globally

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Naira Redesign: CBN pledges to protect interests of rural dwellers

While officially, Nigeria’s naira can be said to be doing well this year, down just 4 per cent against a strong US dollar, ahead of the Canadian dollar and the Swiss franc, a Bloomberg report has said it remains one of the worst performing worldwide.

The report said that is only a small part of the story because the official exchange rate is used only by the government and the well heeled while ordinary Nigerians are suffocating under a 37 per cent drop on the widely-used black market, which most have accepted as a better measure for the local currency.

 

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“That makes it one of the world’s worst-performing currencies, after Ghana’s cedi, which is down nearly 55 per cent this year, and the Sri Lankan Rupee,” Bloomberg said.
Its peers, the report said, include Sierra Leone’s currency, which is down 36 per cent, and the Egyptian pound, which has lost 35 per cent, according to Bloomberg.

Africa’s largest economy operates a tightly controlled official rate but it’s in the parallel market where the exchange rate of the local currency is largely determined by the level of demand for the dollar.

Businesses and ordinary Nigerians are feeling the pain. The Naira volatility is the single largest contributor to the surge in inflation which is ravaging the economy, taking prices of virtually everything to the top and causing considerable concern ahead of the year end festivities.

Rice the staple now cost N51,000 a bag, and flight ticket fares are now well out of the reach of most of the people, the report added.
Nigeria’s central bank rations dollars at the official rate, cutting off access to many businesses and individuals, which in turn drives demand to the unauthorized black market.
This has led to a widening gap between the managed and parallel markets to more than 90 per cent.

While the naira officially closed at 442.75 to the dollar on Friday, currency traders on the streets of Lagos, Nigeria’s commercial hub, quoted the greenback at N890, according Umar Salisu, a bureau de change operator who tracks the data and quoted by Bloomberg.

The local unit’s drop in the black market started a day after the central bank announced last week that it will issue redesigned 200-, 500- and 1,000-naira notes from mid-December in a bid to mop up excess cash in circulation.

The Abuja-based regulator gave Nigerians until January 31 to exchange the existing bills for new ones, a tight deadline considering that the central bank estimates that as much as N2.7 trillion ($6.1 billion) sits outside bank vaults.

Africa’s most populous country has an average of 4.5 bank branches per 100,000 people and 45 per cent of adults don’t have a bank account.

The naira’s slump is likely to continue in the near term given low oil revenue and rising outflows due to uncertainties associated with February’s presidential election, said Uche
Uwaleke, a professor of finance and capital markets at the Nasarawa State University in central Nigeria. The dollar is seen as a safe haven, he said.
“It’s evident that a lot of currency substitution is going on as many people now see the greenback as a better store of value,” Uwaleke added.

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NUC upgrades universities medical-related programmes

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The National Universities Commission (NUC) says it has upgraded some medical-related programmes in the Nigerian universities from Bachelor’s degree to doctoral status.

This is disclosed in a statement signed by the commission’s Acting Director of Public Affairs, Mrs Franca Chukwuonwo, and made available to newsmen in Abuja on Wednesday.

Chukwuonwo said the decision was driven by the need to incorporate more clinical and practical sessions, improve foundational course coverage, enhance clinical skills, and address all specialty areas comprehensively.

She noted that the upgrade aligned with global best practices for training professionals in these fields.

“This quest to upgrade the status of some medical-related programmes from Bachelor’s Degree to Doctor was borne out of the desire to incorporate more clinical/ practical sessions.

“It is to provide sufficient coverage of foundation courses, improve on clinical skills and cover all specialty areas.

“The trend seeks to also align with global best practices applicable in the training of professionals in these medical related programmes.

“Furthermore, the certificates obtained from the Nigerian University System (NUS) can be at par with those obtained in similar programmes from other climes” she said.

She added that it would also ensure the requisite harmonisation, mutuality and global competitiveness of Nigerian graduates in terms of certificates evaluation, employability and further studies in the relevant disciplines.

She listed the programmes upgraded as: Doctor of Pharmacy (Pharm D), Doctor of Physiotherapy (DPT), and Doctor of Optometry.

She added that the duration of the programmes was increased from five to six years to accommodate the additional courses and clinical incorporated into the curriculum.

“The general public and all stakeholders are hereby informed that the Doctor of Medical Laboratory Science (DMLS) programme does not exist in the NUC’s BMAS or CCMAS.

“And thus has not been captured as an upgraded programmes. Consequently, DMLS programme is not approved in any university in the country,” she said.

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NCDC urges collaborative action on health emergencies

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Nigeria Centre for Disease Control and Prevention (NCDC) has reaffirmed the critical role of risk communication and community engagement in addressing public health challenges.

Dr Tochi Okwor, the Head of Disease Prevention and Control at NCDC, made this known during the reopening meeting of the National Risk Communication Technical Working Group (NRCTWG) in Abuja on Wednesday.

Okwor stressed the urgency of proactive measures to safeguard Nigeria against current and emerging health threats.

She acknowledged the foundational work of the first Risk Communication Lead at NCDC, whose leadership facilitated the establishment of the NRCTWG in June 2018.

She said “this multispectral platform has since played a pivotal role in coordinating responses to public health emergencies across ministries, departments, agencies and partners.”

She highlighted the multiple health challenges the country continues to face, including annual outbreaks of Lassa fever, cholera, cerebrospinal meningitis and the growing threat of antimicrobial resistance, which she referred to as “the silent pandemic.”

She also raised concerns about looming threats such as the re-emergence of Ebola, the Marburg virus, and the ongoing response to human metapneumovirus.

“Our preparedness and response efforts hinge on effective risk communication and community engagement.

“This is not just about sharing information but ensuring the right information reaches the right people at the right time, inspiring trust and action,” she said.

She stressed the devastating consequences of misinformation, citing the saltwater bath rumours during the Ebola outbreak and the conflicting narratives during the COVID-19 pandemic.

“These instances highlight the critical need for harmonised, evidence-based communication to manage health emergencies effectively,” she added.

Nma Ogbonna, Head of Health Promotion at the Federal Ministry of Health, commended efforts in risk communication, particularly in public health emergency surveillance at airports.

Ogbonna revealed the ministry’s active involvement, including an information committee focused on risk communication.

However, she acknowledged gaps in formal reporting and expressed the need for better documentation and collaboration with international partners to strengthen Nigeria’s public health response.

Dr Olufemi Ayoola, Director of Health and Social Care at the National Orientation Agency (NOA), expressed gratitude for past collaborations that have nurtured growth.

Ayoola highlighted professional advancements within the team and reaffirmed the commitment of the Agency under new management to strengthen partnerships, including with NCDC, for continued public health progress.

Mrs Maureen Kojo, Chief of Animal Health at the Federal Ministry of Livestock Development (FMLD), announced that the Ministry has notified all 36 states and the FCT to be on alert and take preventive measures to avoid the spread of anthrax.

Kojo said that a surveillance team has been deployed to the states and RCCE activities have begun to educate and raise awareness about the disease.

Mr Yunus Amadou, State Facilitator,

UNICEF, emphasised using the meeting as a platform to reflect on past achievements, identify areas for improvement, and strategize for greater impact in the future.

Amadou acknowledged the hard work, collaboration, and commitment of stakeholders in protecting Nigerians’ health and well-being, urging continued collective efforts to make a difference.

Ms Racheal Abujah, Senior Health Correspondent at the News Agency of Nigeria (NAN), underscored the importance of transparent communication and accurate reporting in public health efforts.

Abujah stated that collaborative efforts, such as those between NCDC, NOA, and international partners, are crucial in building trust and ensuring effective risk communication, particularly during health emergencies.

Additionally, she highlighted the role of the media in disseminating clear, reliable information to the public, reducing misinformation, and driving community engagement to improve health outcomes in Nigeria.

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Tanker explosion kills driver, injures 1 in Ibadan

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A tanker loaded with Premium Motor Spirit (PMS) has exploded, killing its driver and injuring one other person in Ibadan.

Mr Yemi Akinyinka, General Manager (GM), Oyo State Fire Service Agency, confirmed the incident in a statement made available to newsmen on Wednesday in Ibadan.

He explained that the tanker lost control, rammed into two other trucks, and somersaulted into a nearby pit before bursting into fire.

The GM said the incident resulted in the death of the tanker driver and injured the motor boy.

“The incident happened around Fijabi House, Agbowo, Ojoo/Iwo Road Expressway.

“The agency received a distress call about the fire incident at exactly 2.45 a.m. through a telephone call.

“The service swiftly deployed personnel to the scene and curtailed the fire from spreading to the nearby residential area.

“On arrival, we met three trucks of 20-metre distance from one another involved in the fire incident,

“The driver was burnt to death while the motor boy was rescued alive and taken to the University College Hospital (UCH), Ibadan, for treatment,” he said.

Akinyinka stressed that the tanker was utterly destroyed by the fire while the other two trucks were rescued by the agency’s personnel.

“The agency’s Director of Operations, Mr Ismail Adeleke with team members, the police, and some other security agencies were at the scene to prevent a breakdown of law and order,” he said.

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