The Nigerian Naira has emerged as one of the weakest-performing currencies in sub-Saharan Africa by the end of August 2024, according to the latest Africa’s Pulse report published by the World Bank.

The report highlights that the Naira’s poor performance is comparable to that of the Ethiopian Birr and the South Sudanese Pound, which have also recorded significant declines in the region.

The World Bank attributed the depreciation of the Naira to a sharp increase in the demand for US dollars, coupled with limited inflows of foreign currency.

This demand surge has been driven by various financial institutions, asset managers, and other market participants, including non-financial users, seeking to secure dollars through the parallel market.

Meanwhile, slow foreign exchange disbursements by Nigeria’s central bank to currency exchange operators have further exacerbated the situation, limiting access to foreign exchange and contributing to the Naira’s downward spiral.

The report noted that, as of August 2024, the Naira had lost approximately 43 percent of its value since the beginning of the year.

This sharp decline places it among the worst-performing currencies across the region.

Both the Ethiopian Birr and the South Sudanese Pound have also experienced similar trajectories, reflecting widespread challenges with currency stability in several African economies.

The Naira’s struggle deepened toward the end of August, as it continued to lose ground against the US dollar.

On Tuesday, the currency weakened significantly, trading at ₦1,658.97 per dollar, compared to ₦1,552.92 per dollar on Monday. The report underscores that the continuous depreciation has resulted from pressures in the parallel market, where dollar demand remains strong despite limited supply.

In addition to market dynamics, the depreciation reflects broader structural issues in the Nigerian economy, including foreign exchange management challenges, inflationary pressures, and a lack of sufficient foreign investments to support the currency.

With limited dollar inflows and ongoing delays in the central bank’s foreign exchange interventions, the Naira remains under severe pressure.

This trend raises concerns over Nigeria’s economic stability and highlights the need for comprehensive policy measures to restore confidence in the local currency.

Nigeria’s U17 girls, Flamingos will gun for the maximum points when they take on their counterparts from New Zealand on Wednesday night in what is actually the first match of this year’s FIFA U17 Women’s World Cup finals in the Dominican Republic.

Although the game between host nation Dominican Republic and Ecuador (the other fixture in Group A) is billed as the opening match, Nigeria and New Zealand will do battle at the CFC Stadium in Santiago de los Caballeros from 4pm local time (9pm in Nigeria), while the host nation and Ecuador will square up as from 9pm local time (2am Thursday in Nigeria).

Bronze medallists in the last edition of the competition in India, the Flamingos are aiming to go farther this time, with Head Coach Bankole Olowookere insisting that he has the ammunition to overcome opponents on their way.

“I have confidence in the girls to deliver the goods at this competition.

We have come well-prepared to do even better than we did in India.

The Nigeria Football Federation have done everything to prepare the team well, with a two-week final camping here in Dominican Republic.

“We do not under-rate any of our opponents. However, we will take it one match at a time and produce our best in each game in order to go all the way.”

The Flamingos have previously missed taking part in only one edition of the FIFA U17 Women’s World Cup finals – the 2018 finals in Uruguay.

In the qualifying campaign for this year’s finals, the Nigerian girls notched 25 goals in six matches, with 13 of them scored by clinical forward Harmony Chidi.

After the encounter with New Zealand on Wednesday night, the Flamingos will confront their counterparts from Ecuador, also at the CFC Stadium in Santiago de los Caballeros, before their final group phase game against the host nation at the Felix Sanchez Stadium in Santo Domingo.

The clash with Ecuador is on Saturday, 19th October while the battle with the host nation is on Tuesday, 22nd October.

Bishop David Oyedepo, the founder of the Living Faith Church (Winners Chapel), has called on critics to stop questioning the church’s decisions regarding the retirement of its pastors.

The cleric received backlash on social media following reports last week that his two vice presidents, Bishops Thomas Aremu and David Abioye, would be stepping down after three and four decades in service, respectively.

It has been reported that their retirement aligns with the church’s operational guidelines, also referred to as The Mandate, which functions as the church’s constitution.

During his sermon at the farewell service for Bishop Aremu at Winners Chapel, Orita Bashorun, on Tuesday, Oyedepo emphasized the importance of concentrating on one’s own matters.

He disclosed that the church’s Administrative Policy from 1998 underwent a review in 2001, and The Mandate established in 2012 was updated in 2024, emphasizing that the ministry functions under divine authority.

ICYMI: Living Faith Church: Bishop Oyedepo’s deputies, Aremu, Abioye step down

The updated Mandate has altered the retirement age from 60 to 55. Although the Founder, Oyedepo, is entitled to serve indefinitely, subsequent church leaders will be limited to one or two terms of seven years, subject to the Board of Trustees’ approval.

The Bishop, however, warned those wishing for the ministry’s downfall that they were wasting their “lives.”

He said, “My advice to commentators is to study to be quiet and mind your business. It is wisdom to learn what is working and find out what makes it work. Everything works here.”

He encouraged Bishop Aremu to place God at the core of his life, emphasizing that taking a spiritual hiatus can be dangerous.

Citing Genesis 49:26 from the Bible, Bishop Oyedepo remarked that individuals do not possess an inheritance from a teacher or pastor.

He encouraged him to maintain a mindset focused on growth, saying, “There’s no such thing as the best today or tomorrow; what matters is your pursuit of God.”

He encouraged him to maintain a mindset focused on growth, saying, “There’s no such thing as the best today or tomorrow; what matters is your pursuit of God.

Oyedepo encouraged Aremu to stay engaged to ensure a consistent outpouring of grace, warning him against being sidetracked by unfounded criticism.

In his earlier remarks, Aremu expressed that he did not plan to leave Winners Chapel to start his own church once he retired.

“I don’t have a church, and I cannot have a church because God has not infused me with the capacity to do so. This is my church,” he said.

Aremu, who previously worked as an accountant, moved into full-time ministry after having a prosperous career in that profession.

He is recognized as the sole surviving bishop from the seven ordained at the Garden of Faith in Kaduna in November 1999.

In addition, Bishop Abioye’s farewell event is scheduled for Friday, October 18, 2024, in Durumi, Abuja.

Criticism has followed the enactment of the Anambra Local Government Administration Law 2024 by Governor Chukwuma Soludo on Tuesday.

Soludo explained that the law was prompted by concerns that giving complete autonomy to the 774 local government areas could result in “humongous chaos” and would not foster sustainable development.

During a press conference just before signing the law at the Governor’s Lodge in Awka on Tuesday, Soludo contended that the Supreme Court ruling did not invalidate Section 7 of the 1999 Constitution.

Last Tuesday, the state House of Assembly approved the bill known as the “Anambra Local Government Administration Law 2024” during its plenary session.

Soludo stated that Section 7 of the constitution grants state governments the authority to create laws that facilitate the governance of their local government areas nationwide.

He stressed that the two laws enacted by the state Assembly aimed to promote uniformity, improve transparency, and foster cooperation between the different levels of government.

The signing took place in the midst of worries expressed by civil society organizations and various opposition groups criticizing the approval of the Local Government Administration Bill.

The opposition viewed it as a tactic employed by the governor to coerce local government chairpersons into returning their federal allocations to the state.

Among the individuals and groups expressing concerns about the new law was Chief Damian Ugoh, a member of the Labour Party in the state, who stated, “Signing of the LG is against the  Supreme Court judgement.

“The bill seeks to arm-twist the chairmen to send back the local government allocation received directly from the Federal Government to the state coffers.

“Consequently, we, as a political party, stand by the decision of the Supreme Court, the highest court in the land, on the autonomy of Local Government and the management of their funds.

“That going by the extant order of the Supreme Court, the state House of Assembly cannot make laws seeking to compel the local governments to pay in their federal allocation to the state government under whatever guise.”

In response, Dr. Ralph Uche, the Executive Director of the Civil Rights and Liberty Organisation, characterized the law’s enactment as “anti-people,” asserting that it seeks to withhold financial resources intended for grassroots development from local government councils.

Uche said, “The bill seeks to compel local government areas to remit a portion of their federal allocations into a consolidated account controlled by the state, which is a wrong development.

At a press conference following the bill’s signing, Soludo characterized the two new laws as significant and emphasized that they implement the Supreme Court ruling without diminishing its authority.

Soludo said, “The debate as to whether local governments should be part of the federal constitution or left to each federating unit (state) to determine its own appropriate local government system is still an unsettled matter.

“The APC committee on restructuring Nigeria proposed scrapping the local government from the Constitution of Nigeria.

“In the context of our evolving federalism, I see the recent Supreme Court judgment regarding the direct transfer of funds belonging to the local governments as an important contribution to our search for effective and transparent administration of resources at the regional level.
“This is where Section 7 of the Constitution comes in handy, and the Anambra State House of Assembly has risen to the occasion. Happily, the Supreme Court did not nullify Section 7 of the Constitution.

“The new laws by the Anambra House of Assembly are, therefore, consequential to give operational life to the Supreme Court judgment and not to undermine it.

“If the state House of Assembly abdicates this constitutional duty, the Local Government will then have no law on the use and management of its finances which the Constitution has given the state House of Assembly (and only the House of Assembly) the mandate to legislate on.

“Indeed, in many states, the Houses of Assembly retain the power to suspend or remove chairpersons of local governments.

“By the way, isn’t the legislative authority exercised by  the State Assemblies under Section 7 of the Constitution similar to the powers granted by the Constitution to the National Assembly over the Federal Capital Territory and its Area Councils?”

The governor emphasized that structured collaboration between various levels of government is essential for sustainable development at the grassroots level, noting that no level of government operates with complete independence.

He remarked that, without effective collaboration and coordination between state and local governments, many local governments will face significant financial difficulties, necessitating bailouts from state authorities.

“The Federal Government has exclusive right over resources, but the state has exclusive right over the land. At the state level, each state is spending a fortune on its revenue.

“No tier of government can function without the collaboration of others. The three tiers have the objective of the people. The FG is not completely autonomous of the state. It’s a collaborative arrangement to achieve the same objective.

“The new laws of Anambra are designed to protect the LG against collapse, to protect our workers and prevent our primary health care from collapsing. In Anambra, we do not want to wake up and hear that one local government pays a salary while others do not.

“With these laws, workers and retirees from the LG system in Anambra can sleep with their two eyes closed. All tiers must collaborate, coordinate and work with one another. In summary, the laws ensure that the state can function cohesively.

“The essence of putting the money together is not for governors to put it in their pocket. If LG wakes up one day and can’t pay salaries or gratuities, who will intervene for them?

“That is the beautiful thing that these laws would avoid. It is designed to unleash the creative powers of the LG as well as novel accountability and ingenuity. The constitution mandates that both the state and the LGs must jointly plan the state together.

“We agreed to send the money directly to the LG, it will encourage greater participation. But then, if the money gets there, who exercises oversight function on it? How are you going to spend it so that the system doesn’t collapse and we don’t get into a chaotic situation as it were? The essence of the law is to have the state planned in a coherent, systematic and sustainable way,” the governor added.

Soludo, on the other hand, refuted the circulating claims that governors had forced local government chairpersons to sign a confidential oath permitting the transfer of local government funds to the state, emphasizing that no such incident occurred.

He said, “Governors are often accused of seeking to ‘control’ LG funds with insinuations that LG funds are mismanaged.

“Of course, in a society where public office is seen as a ‘dining table’ and public trust is low, people judge others by their standards: by what they would do if they were in the position. I often ask: control for what?”

The Tunisian pilot who transported the Super Eagles to Libya has clarified the events that resulted in their flight being unexpectedly redirected to the remote Al-Abraq airport, rather than their planned destination of Benghazi.

The redirection has sparked controversy since Sunday, when the Nigerian delegation, traveling to Benghazi for a critical Africa Cup of Nations qualifier against Libya scheduled for Tuesday, found themselves stranded for over 16 hours after their flight was rerouted to Al-Abraq, a small airport primarily used for hajj flights.

In a video interview shared by our correspondent and posted on X by Sports Journalist Pooja Media on Tuesday, the pilot stated that the choice to divert the flight was not his decision but was directed by Libyan officials.

“The flight plan was to land at Benghazi, Benina, and we had the approval from the Libyan Civil Aviation Authority to do so,” the pilot stated.

“However, when we began our descent, they instructed us to divert to Al-Abraq, which is almost 150 miles away, around 300 kilometres east. It wasn’t even (listed as) our alternate airport, something which is not good,” he reiterated.

The pilot characterized the detour as possibly dangerous, referencing the fuel estimates prepared for the original destination.

“In aviation, we have our flight plan, we calculate the fuel to our destination, so we have to avoid this kind of thing because it may make a breach to safety,” he stated, repeatedly questioning the directive.

“When I asked to land in Benghazi according to my flight plan and according to my authorisation, they said no, it’s from the highest authority, you have to land in Al-Abraq.”

Refuting claims from the media that the diversion was his decision, he said, “Everything is registered in aviation, we cannot hide anything, so I asked them several times, at least eight times, and I warned them, probably I will be in trouble for fuel; they said it’s from highest authority, you cannot land in Benghazi, you have to divert immediately to Al-Abraq,” he added.

The pilot observed that all pertinent communications and approvals are recorded and can be presented as proof if required.

He said, “The truth was we were going to Benghazi, and I can show you the evidence of the approval, I have it. But at the last minute, they changed their mind and changed the airport.”

In his description of the situation at Al-Abraq, the pilot pointed out the difficulties of landing at what he called an inadequately equipped domestic airport.

“There is no ILS (Instrument Landing System), no air navigation approach, no VHR (VHF Omnidirectional Range). We had to make a visual landing, which is particularly difficult by night with marginal weather,” he said, adding that the airport’s lack of facilities left them with “no second chances” if the landing had gone wrong.

The pilot’s experience in the area, gained from two years of employment with a Tunisian company, was essential for successfully handling the challenging landing.

“It was not an easy matter at all. When a pilot hears this, he will understand that it was not an easy thing to land under such conditions. Thank God we made it safely,” he said.

The Federal Government has refuted claims suggesting that the United Kingdom supported a petition presented by Yoruba Nation activist, Sunday Adeyemo, also known as Sunday Igboho.

The petition, which urged the UK government to contemplate the establishment of a Yoruba nation, was submitted at 10 Downing Street, London, last week.

In a statement released on Tuesday, Ministry of Foreign Affairs spokesperson, Amb Eche Abu-Obe, labelled the media reports about the petition as “highly misleading.”

Abu-Obe clarified that the UK neither participated in nor endorsed the document officially.

He explained that “Following media reports on the petition submitted at No. 10, Downing Street by Mr Sunday Adeyemo popularly known as Sunday Igboho, the British High Commissioner in Abuja was invited to shed light on the issue.

“During the meeting, the High Commissioner noted with concern that the matter was overblown, indicating that the media reports were highly misleading.”

He mentioned that the High Commissioner affirmed that submitting the petition was a customary procedure for accepting letters and petitions at 10 Downing Street.

He stressed that the petition was not supported by any UK government authority or the UK Parliamentary Petitions Committee.

“Furthermore, the High Commissioner informed that he was aware of the letter being delivered but added that it was merely an established practice of allowing the delivery of letters and petitions to No. 10.

“It was not endorsed by any agency of the UK government nor the UK Parliamentary Petitions Committee.

“The UK government typically does not concern itself with petitions concerning the sovereign affairs of another country,” Abu-Obe added, quoting the High Commissioner.

The diplomat also mentioned that the UK government had previously dismissed similar petitions.

The British High Commissioner emphasized the significance of the robust bilateral ties between the UK and Nigeria, assuring the Nigerian government of continued collaboration on issues of shared concern.

Sunday Igboho, through a post from his spokesperson, Olayomi Koiki, on his X (formerly Twitter) account on Sunday, verified that the petition had been presented to UK Prime Minister Keir Starmer.

The petition was submitted by Igboho representing Prof. Adebanji Akintoye, who is the head of the Yoruba Nation movement.

Koiki wrote: “At exactly 14:00 hrs Dr Chief Sunday Igboho delivered a petition to the UK Prime Minister on behalf of Prof Adebanji Akintoye, leader of the YORUBA NATION movement, and Olayomi Koiki, his spokesman @10DowningStreet.”