Nigeria's naira extended losses on the official market on Wednesday to a record low of 461 to the dollar, as trading resumed after the Christmas holiday and the currency weakened to cope with high foreign exchange demand.
The currency hit a low of 460.20 naira by 11:04 GMT, down from its opening position of 454.98 naira, Refinitiv data showed.
"It's a shift from previous levels. Supply is limited," a currency trader at a local bank said.
The currency has fallen to successive lows across both the official and black markets due to dollar scarcity since last year after the central bank intervened to ease pressure on the spot market, where the naira has been trading within a range.
"The scarcity is still there yet clients are doing trades with guides from the regulator," the trader said.
The naira dropped to a two-month low on the official market last week and weakened across the board on
the forwards market.
By Chijioke Ohuocha, Reuters
Thursday, December 29, 2022
Naira hits record low
Wednesday, December 28, 2022
Car crash into street party in Nigeria leaves 7 dead
An out-of-control car crashed into a crowd at a large street party in southern Nigeria on Tuesday, leaving seven people dead and many others injured, authorities told The Associated Press.
The driver lost control of the car on a packed street in Calabar, Cross River State capital, just as people were gathering to watch a bikers parade at the Calabar carnival, Nigeria’s Federal Road Safety Corps said.
Tuesday’s bikers show is one of the main highlights of the carnival event known as one of Africa's biggest street parties. The annual carnival has regularly drawn people from across Nigeria and beyond since it began nearly two decades ago.
Thousands had gathered to watch the bikers’ stunts when the car smashed into people, scattering bodies and leaving the injured along the road, witnesses said.
Hassan Abdullahi Maikano, head of the road safety corps in Cross River, told AP that the car was traveling at high speed when it ran through security controls.
“The motorist lost control and ran into the crowd. The total number involved were 36; seven died and 29 got injured,” said Maikano, adding five of the injured were children. The driver survived but was injured, he added.
Cross River Gov. Ben Ayade ordered the parade canceled and the driver placed under arrest, according to Christian Ita, his spokesman.
Ita said the governor has extended his sympathies to the victims and their families and ordered an immediately investigation into how the crash occurred.
By Chinedu Asadu, AP
Tuesday, December 27, 2022
How a grandmother in Nigeria became an internet start
Hamsatu Izang sings out as she hammers rocks into small gravel pieces for the construction industry. Singing brings her joy and peace, she says, amid this hard manual labour. But when a local music producer hears her song, her life takes a surprising turn and a whole new world opens up. This film follows Mama Hamsatu as she navigates two very different realities, her work as a lifelong stone crusher and a new role as a singing star, in the hope that her new success might bring lasting change. Dorcas Sheffy Bello is a multimedia journalist and filmmaker from Jos, Nigeria. She is the founder of Unzipped Stories Africa, and has won awards for scriptwriting and reporting. Her documentary on polio, Not All Darkness, has won many regional plaudits.
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Video - Makoko faces new threat
Makoko is located in the country's commercial city of Lagos and is mainly inhabited by a fishing community that has lived there for about a century. Residents fear they could be evicted by the government to pave way for new development.
Christmas spirited dampened in Nigeria due to economic hardship
Christmas is marked with joyous celebrations as in most parts of the world. Shopping, sharing of gifts, traveling and other activities mark the Christmas season. This year is however witnessing muted celebrations due to economic hardships.