economy

Aug
26
2024
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By Ahmed Ture
Naira Plunges by N72.58 Against Dollar as Foreign Exchange Turnover Reaches $7.4 Billion in July

Naira Plunges by N72.58 Against Dollar as Foreign Exchange Turnover Reaches $7.4 Billion in July

Breaking, Economy, Nigeria,
The Nigerian Naira suffered a significant decline, losing N72.58 against the US dollar in July 2024, according to the FMDQ financial market report. The foreign exchange turnover skyrocketed to $7.39 billion, representing a 10.02% increase from the previous month. In Naira terms, the FX turnover stood at N11.48 trillion, surpassing the N10.01 trillion traded in June. The Naira's depreciation led to an exchange rate volatility increase, with the local currency trading between N1,500.32 and N1,621.12 per dollar, compared to the previous month's range of N1,473.66 to N1,510.10 per dollar. Despite the Central Bank of Nigeria's efforts, the Naira's value against…
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Aug
26
2024
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By Ahmed Ture
Catholic Bishops Urge President Tinubu to Rethink Economic Policies Amidst Worsening Hardship

Catholic Bishops Urge President Tinubu to Rethink Economic Policies Amidst Worsening Hardship

Breaking, Economy, Nigeria, Opinion, Politics, ,
The President of the Catholic Bishops Conference of Nigeria (CBCN), Most Rev. Lucius Iwejuru Ugorji, has appealed to President Bola Tinubu to reassess his economic policies, citing the escalating hardship faced by Nigerians. Speaking at the 2024 Second Plenary Assembly of the CBCN in Auchi, Edo State, Ugorji emphasized that the current economic policies have caused more harm than good. Ugorji, also the Archbishop of Owerri, acknowledged that the socio-economic challenges facing the nation cannot be resolved by economic reforms alone. He advocated for a return to a regional system of government to combat corruption and address the nation's problems.…
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Dec
05
2023
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By Ahmed Ture
Diaspora Egyptians Participate in 2024 Presidential Elections

Diaspora Egyptians Participate in 2024 Presidential Elections

Africa, Breaking, Economy, Politics, , ,
Last three days were significant for Egyptians overseas as they lined up to vote in the December 1–3 presidential elections. The National Election Authority (NEA) has carefully scheduled 137 embassies and consulates in 121 countries to welcome voters from 9 am to 9 pm, guaranteeing maximum accessibility. Egyptians living abroad or temporarily travelling can vote with a valid or expired national ID card or passport with their national ID number. With 14 million Egyptian overseas residents expected to vote, expectations are high. Saudi Arabia, Kuwait, the UAE, and Qatar have high voting rates, suggesting robust community participation. Over 65 million…
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Dec
02
2023
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By Ahmed Ture
Israel Receives Malawian Youths to Help Fill Farm Labour Shortage

Israel Receives Malawian Youths to Help Fill Farm Labour Shortage

Africa, Breaking, Economy, , , ,
According to the Malawian labour ministry, several hundred young men have travelled to Israel to work on farms left empty after the Gaza conflict. There are plans for more flights in the near future. On Saturday, 221 young people from the country in southern Africa were transported to Israel on the first flight. Following the tensions created by the Gaza war on October 7, a large number of labourers left Israel's farms, which constitute a considerable portion of the country's economy. Foreign labourers heading back to their home nations and Palestinians from Gaza whose work licences were cancelled by Israel…
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Nov
27
2023
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By Ahmed Ture
East African Community Trade Bloc Accepted Somalia into Its Membership.

East African Community Trade Bloc Accepted Somalia into Its Membership.

Africa, Breaking, Economy, ,
Following decades of warfare and recovery efforts, Somalia became the eighth member of the East African Community (EAC), a significant step towards free trade and economic integration throughout the region. At the EAC summit in Tanzania, Somalia was admitted. This is expected to bring the total population of the EAC market—which currently includes Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda—to over 300 million. In attendance at the summit, President Hassan Sheikh Mohamud praised this action as a ray of hope for Somalia, promising a future rich in possibilities. After years of unrest, Somalia's…
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