Video - Nigerian currency trading at 440 Naira to the U.S. dollar

The Nigerian Naira traded much lower on Monday in the unofficial black market at 440 to the green back. This comes as dollar shortages persist in the economy. Despite removing the peg and floating its currency in July, forex shortages continue to be a serious challenge. Deji Badmus looks at what is driving the rapid depreciation of the naira.

Believed to be dead again Boko Haram leader resurfaces in new video

Nigeria's most wanted man is making the headlines again. Boko Haram leader Abubakar Shekau surfaced in a video over the weekend - at least the fifth time he's disproved official claims that he's dead. The military now says Shekau is mentally unstable.

Nigeria urges US to lift ban on crude oil

THE Federal Government has pleaded with the United States to lift its ban on the importation of Nigeria’s crude, describing the action as antithetical to the flourish of trade and economic cooperation upon which  Africa Growth and Opportunity Act, AGOA, was founded.

The Minister of Labour and Employment, Senator Chris Nigige, who made the plea, also told the American government to demonstrate stronger commitment to improve economic ties with African nations through balanced trade relations. 

Senator Ngige made the plea at a Ministerial Roundtable meeting on Africa Growth and Opportunity Act at the Department of Labour Building, Washington D.C, United States. He said the stoppage of Nigeria’s crude importation had led to low foreign exchange receipts and consequent technical recession in some African countries. 

Ngige, who led Nigeria’s delegation at the meeting to the round table, titled Trade and Worker Rights: Inclusive Economic Growth in Africa Through Trade on the Day One of the Roundtable, said the capacity of Nigeria to tackle anti-labour practices, such as child labour, cheap labour and human trafficking, was being hampered by dwindling resources, which the stoppage of the import of the Nigerian crude by the US had accentuated. He said poverty at the low income levels made the fight against anti-labour practices at the base difficult. 

He urged the US to assist African countries in the entire agricultural value food chain of production, processing and preservation as well as give increase educational assistance to farmers. He said:  “The founding ideal of AGOA is to foster a symbiotic economic cooperation between Africa and the United States. However, the capacity of the Africa nations such as Nigeria to effectively tap into the full potentials of the body is being checkmated by limited resources. 

“There is need therefore for America to rethink initiatives that once made AGOA attractive to African countries. ‘’Rescinding her decision on Nigerian crude is one of such steps that could be taken to buoy up our economy and regain enough capacity to protect workers rights and promote decent work in an inclusive economic growth. 

“The US must do more to assist junior partners by extending some labour projects and technical aide being executed in some African countries such as Madagascar, Zambia and Kenya to Nigeria.” 

Speaking further on Nigeria’s initiatives for improving internationally recognized workers right, the Minister said Nigeria had ratified and domesticated eight core conventions of the International Labour Organization, ILO, dealing with child rights and fair labour practices, drawing the attention of the international community to the strong backing for fundamental freedoms and labour rights enshrined in the constitution, especially in section 40. Earlier in his address of welcome, the US Secretary of Labour, Tom Perez, pledged the commitment of the United States to the growth of AGOA and urged African countries to strive towards the recognition of workers rights as an essential element of inclusive economic growth.

Vanguard

Leader of Boko Haram Abubakar Shekau mocks Nigeria army

Boko Haram's embattled leader, Abubakar Shekau, appears in a new video to deny reports of his death and to taunt the parents of the nearly 300 school girls the group kidnapped from their boarding school in 2014.

"To the despot Nigerian government: Die with envy. I'm not dead," Shekau says in the video.

An ISIS flag is visible in the background. That terrorist organization has said it is supporting Shekau's rival, Abu Musab al-Barnawi, as the legitimate leader of the Nigerian ISIS-affiliated terrorist movement.

The video was a response to the Nigerian army's claim that it "fatally wounded" Shekau in a raid August 19. The army dismissed the video Sunday as evidence of Shekau's desperation.

"The video has shown beyond all reasonable doubt the earlier suspicion that the purported factional terrorists' group leader is mentally sick and unstable," the army statement said.

CNN cannot independently confirm when the video was shot, or confirm its claims.

The attack that brought Boko Haram international notoriety was when Shekau's forces captured approximately 300 girls -- between the ages of 16 and 18 -- from a boarding school in the town of Chibok in Borno state in April 2014.

Boko Haram, which opposes western education, wants to set up an Islamic caliphate in Nigeria.

In the video, Shekau teases parents of the Chibok schoolgirls about whether their daughters will be released and insists detained Boko Haram fighters must be released for the return of the schoolgirls.

The kidnapping sparked global outrage and prompted global figures, including activist Malala Yousafzai and US first lady Michelle Obama, to support the campaign to #BringBackOurGirls.

For a year after they were taken, the abducted girls were kept together, Amina Ali, an escaped schoolgirl told CNN in August. Then some of the teenagers -- including her -- were "given" to the terrorists as wives.

Shekau, however, is still shrouded in mystery. A Boko Haram insider told CNN in August the group had split after new leader al-Barnawi broke with Shekau and left with some followers, a move which the insider said left Shekau with most of the fighters in the Sambisa forest and also in control of the schoolgirls, a powerful bargaining chip for the group.

The army contends Boko Haram is significantly weakened and has been "irrational and unreliable" in negotiations over the schoolgirls.

CNN

Video - Nigerian military still engaged in the battle for Mallam Fatori

Fighting is still underway to drive Boko Haram from a town near the Nigerian border with Chad. Troops from the region's multinational force are engaged in the battle for Mallam Fatori. Both sides claim to have inflicted heavy casualties.