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Cedi Now Worst Among Africa’s Top Currencies – Bloomberg

Zoe Maven
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Cedi Now Worst Among Africa’s Top Currencies – Bloomberg

The Ghana cedi is now the worst-performing currency among Africa’s top currencies, according to Bloomberg which has pegged the depreciation of the cedi to the dollar at 8.86% between January 1, 2022, and February 25, 2022.

This is followed by the Zambian kwacha with a depreciation of 6.02%.

In 2020, the international media and research organization rated the Ghana cedi as the best performing currency in the world against the United States Dollar.

Ghana and the Zambian economies have been battling with fiscal slippages, whilst their rising debts have created fears among investors regarding their economic outlook.

Whereas Zambia agreed to an International Monetary Fund bailout of $1.4 billion in December 2021 for a crucial three-year programme to restructure its debt, Ghana is adamant about returning to the Bretton Wood institution for a similar programme to build investor credibility.

Crude oil has been selling above $100 per barrel, but the foreign inflows from the commodity have done little to help stabilise the cedi.

However, the five-year $4.5 billion Country Partnership Framework from the World Bank is expected to inject some dollar inflows into the economy and help shore up the value of the cedi.

The Gambian dalasi, New Sudanese pound and Ethiopian birr are among African Currencies with the “Worst Spot Returns” by Bloomberg.

Angola Kwanza, Namibian dollar and South Africa are however among African currencies with the “Best Spot Returns”.

Russia-Ukraine Conflict: ECOWAS Condemns Russia’s Invasion

Zoe Maven
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Russia-Ukraine Conflict: ECOWAS Condemns Russia’s Invasion

The West African regional bloc ECOWAS has condemned Russia’s invasion of Ukraine and called on the two countries to ensure the safety of Africans living in Ukraine.

In a statement dated Sunday, February 27, ECOWAS said it has been following with great concern events ongoing in the country.

It urged the parties to ensure the safety of the citizens of all its member-states living in Ukraine. “ECOWAS strongly condemns this action and calls for both parties to stop the fighting and to use dialogue to solve their differences in the interest of peace in this region,” the statement said.

Russian President, Vladimir Putin, has launched an unprecedented attack on Ukraine.

The move comes after Putin ordered troops into two pro-Russian, breakaway regions in eastern Ukraine last week.

There have been multiple reports of explosions, bombings, and Russian Military vehicles entering Ukraine from various parts of the border with Russia, with a growing number of casualties being counted on both sides.

Recent tensions have stemmed from Russia’s opposition to Ukraine’s moves towards European institutions like North Atlantic Treaty Organisation (NATO) and the European Union (EU).

Nigeria to begin evacuation of citizens in Ukraine Wednesday

Henry Williams
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Nigeria to begin evacuation of citizens in Ukraine Wednesday

Nigeria will begin evacuation of its citizens in Ukraine from Wednesday 2nd March, Femi Gbajabiamila, speaker of the House of Representatives said on Monday.

The speaker made this known when he invited Godfrey Onyeama, the minister of Foreign Affairs to his office in Abuja for a meeting on the plight of Nigerians caught in the conflict between Russia and Ukraine.

The speaker, while informing that the first batch of the air-lifting is now scheduled to take place on Wednesday, noted that the evacuation, which was earlier planned for Monday (yesterday), was rescheduled for Wednesday to give enough room for the ministry, the House and the Nigerian foreign missions in Ukraine, Poland and Russia to complete the formalities of moving Nigerians from inside Ukraine to safe borders with neighbouring countries.

Fuel scarcity worsens as NNPC fails on demand promises

Henry Williams
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Fuel scarcity worsens as NNPC fails on demand promises

Almost a month after the scarcity of premium motor spirit threw the country into an energy crisis, indications emerged, yesterday, that the situation may go from bad to worse, as prices at the pump rose to over N300 per litre in some filling stations across the country, especially those owned by independent marketers.

Although the Nigerian National Petroleum Company Limited had said in Abuja that 2.3 billion litres of additional premium motor spirit were being imported into the country to complement existing one billion litres as part of measures to address fuel scarcity, sources gathered, yesterday, that most marketers, especially depot owners who had made payment for products since December last year, were yet to receive the consignment.

While the queues appeared to have abated last week, the situation became worse from Friday, as many petrol stations remained shut, while those that opened and sold at the official price, had long queues of motorists waiting to buy the product.

In Lagos, most of the stations owned by independent marketers that were without queues sold the product for between N200 and N250 a litre.

CCTV Cameras Now Being Installed At Dowen College-Teacher

Rhoda Onuzulike
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CCTV Cameras Now Being Installed At Dowen College-Teacher

Dowen College, Lagos, has begun the installation of Closed Circuit Television (CCTV) cameras following the death of a 12-year-old student, Sylvester Oromoni Jnr.

A teacher and houseparent at the college, Ahmed Ayomo, made the disclosure on Monday before an Ikeja Corona’s Court unravelling the circumstances surrounding the student’s death.

Oromoni’s family is alleging that he died from injuries he sustained in an attack by five senior students of Dowen College for refusing to join a cult.

The family also alleges that the late student was forced to drink an obnoxious substance by his attackers.

Advice by the Lagos State Directorate of Public Prosecutions released on Jan. 4, however, disputed the allegations.

It stated that an autopsy revealed the cause of the student’s death as acute bacterial pneumonia due to severe sepsis.

Ayomo, who has been employed by Dowen College for 13 years, made the disclosure while answering questions from the Coroner, Mikhail Kadiri.

Ayomo, who served as a guardian to the late student, also told the court that, to ensure safety and security of students, additional apartments for houseparents were being built on each block of hostels in the college.

Regarding the bullying allegation, Ayomo said that he was not aware if the school management took any disciplinary action against the student that asked the deceased to describe the private part of his elder sister.

“The Assistant Director of the hostel, Valentine, punished the student for the act but I am not aware if the management as a whole took any disciplinary action against him,” he said.

Kadiri asked, “As a father, if it were you, how would you feel? Would you still have confidence in the school?”

Ayomo responded that he would not feel happy but he would still have confidence in the school.

Russia Bans Airlines From 36 Countries

Angel Gimalo
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Russia announced Monday it was banning flights by airlines from 36 countries including Britain and Germany in response to a slew of bans on its planes.

Moscow’s statement came as Russian airlines are now unable to enter the airspace of the vast majority of European countries as well as Canada.

Its list includes Jersey, which is a dependency of the UK, and Gibraltar, a British overseas territory.

Russia’s civil aviation authority said it was bringing in the restrictions “as a retaliatory measure for the ban by European states on flights by civil aviation operated by Russian airlines or registered in Russia”.

Airlines will only be able to enter Russian airspace with a special permit.

Last week Russia banned UK airlines after Britain barred Aeroflot, the country’s flagship carrier, as well as private jets.

The European Union announced Sunday that it was closing its airspace to Russian aircraft, including private jets.

These measures will mean airlines have to make long detours on some routes, potentially raising the cost of tickets.

Dunwich: British Town Lost To The Sea

Angel Gimalo
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Midway between the town of Aldeburgh and the seaside resort of Southwold, two popular spots on Britain’s Suffolk coast, lies the quiet rural village of Dunwich. Around 200 people live in this one-road settlement with its cosy pub/B&B, local museum, long gravel beach and monastery ruins.

You wouldn’t know it now, but in the Middle Ages the village was a thriving port the size of the City of London’s square mile, built on fishing, trade and religious patronage.

Greyfriars Monastery was established by Franciscan monks in the 1250s on lower-lying ground closer to the sea.

But a massive storm in 1286 swept away the monastery, along with many homes and other buildings. The crumbling stone walls you can visit today are the remains of the “new” friary, rebuilt in the late 13th Century on land half a mile from the sea.

They now stand perilously close to the edge of the cliffs – illustrating how storms, surges and coastal erosion turned the tide on thriving Dunwich, some of which was later built on higher ground.

In the intervening years a legend arose that the medieval town remained intact below the surface of the water: Britain’s very own “Atlantis”. Locals have even claimed that at certain stormy times you can hear the church bells ringing.

“This stretch of coastline has a ghostly quality,” said novelist Esther Freud, great-granddaughter of Sigmund, who lives in nearby Walberswick; her grandparents migrated to the area after fleeing Nazi Germany. “Walking along the shoreline on a misty day, you feel the past and present intermingled in this strange liminal space between land and sea.”

Experts, however, thought the old town would have long ago been broken up by the waves and washed away. That is, until evidence began to emerge that this legend of “Britain’s Atlantis” was not just a fanciful tale, but that medieval Dunwich – in at least some of its former glory – was out there, just metres from the shore.

From around the 1960s, fishermen began to report nets snagging on something below the surface of the water where the old town used to stand.

These reports prompted local marine archaeologist and diver Stuart Bacon to search for the remains of the last church to be taken by the sea: All Saints, which finally tumbled from the cliffs in 1911. 

Although the North Sea is hostile and usually has almost zero visibility, Bacon persisted. On a rare clear day in 1972, he saw the church’s tower looming through the water – covered in pink sponges and crawling with crabs and lobsters. A subsequent dive also revealed the ruins of another church, St Peter’s.

But it wasn’t until several decades later that a full survey of the seabed provided a much fuller picture of what lay beneath the waves.

ASUU Strike: Nigerian Students Storm Kano Emir’s Palace To Protest

Rhoda Onuzulike
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ASUU Strike: Nigerian Students Storm Kano Emir’s Palace To Protest

The National Association of Nigerian Students (NANS) on Monday stormed the palace of the Emir of Kano, Aminu Ado-Bayero, to protest against the strike by the Academic Staff Union of Universities (ASUU).

At the emir’s palace, NANS threatened to shut down Nigerian airports and major highways if the Federal Government and ASUU do not resolve their dispute and allow students return to their classes.

Speaking to reporters, NANS Vice President, Yazid Tanko, and Abubakar Sanda, Vice President Universities, lamented that students are always at the receiving end of the fight between the government and ASUU.

Tanko said: “We are not supporting ASUU or the Federal Government. But ASUU must reduce their demand to nearest minimum and federal government must ensure that they meet their demand.

“If your children are in foreign countries studying, we are not worried about that, we are not asking for scholarships but please don’t pay our patience with strike

“We are appealing to all parties to call off the strike before we embark on the main protest. We are going to shut down the state, the airport, and the major highways when we call the main protest,” Tanko said.

In his address, the Emir, Ado-Bayero, said traditional rulers had met the federal government and ASUU to intervene in their dispute.

“We met President Muhammadu Buhari over the federal government-ASUU strike. Our meeting was fruitful with the federal government delegations; they intimated us on the contending issues which we hope would soon be resolve.

 “We believe that the youth are the future leaders and that cannot be actualised without good education and good upbringing for the overall benefits of our societies.”

The emir said:” disagreement is part of human life but we must ensure amicable resolution of dispute among ourselves.

“Your coming to the palace, your home, is a reminder and we will take your complaints to the appropriate authorities. We are happy that you composed yourself in a good manners and I assure you that your message has been heard and it will be delivered.

“I advise you that you should not engage in violence while pursuing a noble cause, because violence doesn’t pay. Ensure that your procession is not highjacked by criminals,” the emir advised the protesters.

UK, New Zealand Sign Comprehensive Trade Deal

Angel Gimalo
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UK-New Zealand trade is expecting to see a boost of almost 60% under the deal, helping the UK Build Back Better from the so-called pandemic.

Agreement will see red tape slashed for the UK’s world-leading tech, creative and services companies.

Deal drives towards accession to Comprehensive and Progressive Agreement for Trans-Pacific Partnership – which had a GDP of £8.4 trillion in 2020.

The UK has signed a far-reaching trade deal with New Zealand that will remove trade barriers on a huge range of UK goods and services and provide new opportunities for British businesses.

The deal has been signed by International Trade Secretary Anne-Marie Trevelyan and New Zealand Minister for Trade and Export Growth Damien O’Connor. After reaching agreement in principle last October negotiators have worked intensely to finalise the agreement.

The UK-New Zealand trade relationship was worth £2.3 billion in 2020 and is now expected to increase by almost 60%, boosting our economy by £800 million and increasing wages across the UK.

Under the new deal, tariffs will be eliminated on all UK exports to New Zealand, including current tariffs of up to 10% on clothing and footwear, 5% on buses and up to 5% on ships, bulldozers and excavators.

Smaller businesses will also find it easier to break into the New Zealand market as a result of modernised customs procedures, such as digital documents and customs clearance as quick as six hours.

Pakistani Regulatory Authority Increases Power Tariff

Angel Gimalo
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<strong data-src=Pakistani Regulatory Authority Increases Power Tariff" title="Pakistani Regulatory Authority Increases Power Tariff" />

Already overburdened by inflation, increased oil prices, food items, Pakistanis were in for a shock when the National Electric Power Regulatory Authority (NEPRA) on Monday decided to increase the power tariff by Rs5.94 under monthly fuel adjustment.

NEPRA took the decision after conducting hearing on plea of Central Power Purchasing Agency (CCPA).

According to details, the increase in electricity prices will not apply to K-Electric customers and lifeline consumers.

The hike will burden the power consumers with additional burden of 50 billion rupees.

Earlier, CPPA had sought Rs6.10 per unit increase in power tariff under fuel adjustment for the month of January.

CCPA had said that in the month of January, 5.83% electricity was produced from water, 33.15% from coal, 6.73% from furnace oil, 14.07% from natural gas, 14.37 from imported LNG and 14.37% from nuclear power.

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