₦airaland Forum

Forkthiefnubu:
I don’t believe this , these are machined in modern factories , ordinary keke that we assemble still looks like 19th century machines

All these pistols were locally fabricated in the factory in jos. The guys are talented. We need to work on them, for our good.

9jatriot:
The jazz america de use strong sha... I believe it is only Russia that is immuned from the chains america used to hold the rest of the world. I am not sure 90% of Americans know what currency a country like Nigeria or Egypt is using but here, even a market woman knows about dollar.

Yesterday, there was news about Ghana doing something about dollar, now Egypt

Cash-strapped Egypt allows its currency to fall sharply against the dollar and hikes interest rates

CAIRO (AP) — The Egyptian pound slipped sharply against the dollar on Wednesday after the Central Bank of Egypt raised its main interest rate and said it would allow the currency's exchange rate to be set by market forces.

The measures were meant to combat inflationary waves and attract foreign investment as the country experiences a staggering shortage of foreign currency.

Following the announcement, the pound began floating and within hours lost more than 60% of its value against the dollar. By early afternoon, commercial banks were trading the U.S. currency at more than 50 pounds for $1, up from about 31 pounds for the dollar.

The central bank increased the key interest rate by 600 basis points to 27.75%. The overnight deposit and lending rate were also raised by 600 basis points to 27.25% and 28.25% respectively, the bank said in a statement.

The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from the war in Ukraine, and most recently, the Israel-Hamas war in Gaza.

The war in Ukraine, which rattled the global economy, hit cash-strapped Egypt where it is financially vulnerable — the most populous Arab country is the world’s biggest importer of wheat and needs to buy a majority of its food from other countries to help feed its population of more than 104 million people.

Since January 2022, the Egyptian pound has lost around 50% of its value against the dollar.

The Central Bank of Egypt said its measures Wednesday would help end the black market in currencies and slow inflation, which reached unprecedented levels in recent months. The annual inflation rate was over 31% in January, according to official figures.

“The CBE will continue to target inflation as its nominal anchor, allowing the exchange rate to be determined by market forces,” the central bank said.

The authorities also said the Central Bank has managed to “secure funds” for market needs — an indication they expected the exchange rate to stabilize.

Analysts believe the source of the funds was a multi-billion dollar deal last week with an Emirati consortium to jointly develop the Mediterranean city of Ras el-Hekma, 350 kilometers (218 miles) northwest of Cairo. Egypt is to get $35 billion from that deal.

The rising cost of basic goods has deepened the hardships faced by middle-class and poor Egyptians. They have suffered from price hikes since the government embarked on an ambitious reform program in 2016 to overhaul the battered economy. Nearly 30% of Egyptians live in poverty, according to official figures.

Economists say the moves by the central bank were likely signs that the government is working to secure another financing package from the International Monetary Fund. Moving to a flexible exchange rate has been one of the key demands of the IMF.

James Swanton, an analyst with London-based Capital Economics, said they show that “policymakers are committed to the turn back toward economic orthodoxy."

"This is likely to pave the way for an IMF deal within hours,” he said.

The United Arab Emirates (UAE) has lifted the visa restriction on Nigerian travellers after a two-year diplomatic row.

UAE Embassy in Abuja, Nigeria’s capital city, and the Nigerian government in a statement said their agreement shows a “shared commitment to strengthening ties, enhancing cultural exchanges, and fostering opportunities for economic and social collaboration.”

Following meetings between Nigeria’s President Bola Tinubu, and UAE President Sheikh Mohamed bin Zayed Al Nahyan, the Embassy said a new verification process has been introduced for Nigerian visa applications.

“All Nigerian applicants for UAE visas are required to first obtain a Document Verification Number. This essential step is to be completed by visiting the dedicated online Document Verification Hub platform (official link https://documentverficationhub.com,” the UAE Embassy said.

UAE Ambassador to Nigeria, Saleem Saeed Al-Shamsi, said the introduction of the Document Verification Number will enhance the integrity of the application process and ensure prompt processing for applicants.

“We encourage all prospective travellers to adhere to the guidelines and initiate the applications promptly, ensuring and smooth transition to the new system,” Al-Shamsi said.

Nigeria and UAE authorities were enmeshed in a diplomatic row that culminated in UAE’s Emirates Airline halt its flight operations to the West African country due to trapped funds since 2022. Emirates Airlines puts the figure at $85 million.

Nigeria’s leader at the time Muhammadu Buhari had a phone call with UAE’s President Sheikh Mohamed bin Zayed Al Nahyan, where he appealed for lifting the travel ban on Nigerians.

Buhari told Nahyan that he had directed the Central Bank of Nigeria (CBN) to increase foreign exchange allocation to the airline while all concerned government officials were working on the trapped funds.

The Nigerian government thereafter said it released $265 million to airlines operating in the country to settle outstanding ticket sales. The CBN also promised to release another $120 million to the international carriers to offset part of the trapped funds by the end of October 2022.

One month later, Emirates Airlines announced the suspension of inbound and outbound Nigerian flight operations “to mitigate against further losses moving forward”. The airline has since not resumed operations in Nigeria.

However, the UAE Embassy said there are still “ongoing efforts” for stronger ties with Nigeria. It is unknown if the potential resumption of the airline was part of the discussions.

bjdon:
All of this nonsense started because the stupid Obidients, were trying to dictate to Edo people who are next governor should be. If Tinubu could not impose a governor on Edo, who the heck are Obidients to think they can do that? Is it because we voted PO you know thin PO can be a godfather in Edo?
A word of advice to the Obidients, leave Edo state matter to the Edo's. We REALLY don't take kindly to outsiders trying to interfere in our business.

naija4life247:
And Nigeria is nowhere to be found at the international Cocoa market

successmatters:
The APC opposition are brainless, stupid and plain incompetent. They wont have a good candidate, they will be hoping to bring in tribal and religious sentiments to scatter a peaceful state.

In the end they will hope to install a puppet that will sign to allow the druggie to manipulate his state and subvert the wishes of his people in 2027.

Who even cares anymore, you all should be more afraid of hunger than all these tribal nonsense.

Continuu

Kingsmeal:
blamingthedevil I advise you take a break in this your new found job.

Make you no break down oo.


Ask FFK, Reno, Segalink how they are feeling now

Dpharisee:
You have been creating this same thread over and over and hoping it will make FP but the Mods see it as senseless

Edo people are not known for tribalism, I recall in the past when Nigerian athletes use to adopt Bendel State to win medals for Nigeria, you are welcome to defeat a Bendel athlete and take his/her place with Brown Ebewele in Charge and the competition used to be fierce and the govt and people will give you all the support.
They even had a sports Village in Afuze that groomed Sports men and women from all over the country producing many prolific boxers.
This propaganda is dead on arrival, Edo voted massively for Peter Obi because he was seen as competent and not because of his tribe