5th August 2024
Good morning! Nigeria plans a retail auction to sell dollars and support the naira, the IMF announces a new Executive Board chair for Sub-Saharan Africa and Algeria's Nemour makes history with an Olympic gold.
Here is your daily Rooster’s Crow:
Nigeria to Auction Dollars to Halt Naira Decline
Nigeria is set to auction U.S. dollars in an effort to curb the declining value of the naira. This initiative comes after the naira hit a record low in the parallel market, trading as weak as 950 to the dollar. The Central Bank of Nigeria (CBN) plans to sell dollars directly to retail currency exchanges, aiming to stabilize the naira and ensure liquidity. The strategy reflects broader efforts to support the nation's struggling economy amidst rising inflation and foreign exchange scarcity.
IMF Creates New Executive Board Chair for Sub-Saharan Africa
The International Monetary Fund (IMF) announced the creation of a 25th Executive Board chair dedicated to Sub-Saharan Africa. This move is part of a broader initiative to enhance the representation of African nations within the IMF. The new chair will focus on the region's specific economic challenges and aims to foster more inclusive and responsive governance. This decision underscores the IMF’s commitment to addressing the unique needs of Sub-Saharan Africa, particularly in the wake of economic disruptions caused by the COVID-19 pandemic and other global economic pressures.
Nigerian President Urges End to Protests Over Economic Hardship
President Bola Tinubu of Nigeria has called for an end to ongoing protests against the country's economic difficulties. These demonstrations, sparked by the removal of fuel subsidies and subsequent rise in living costs, have led to widespread unrest. Tinubu urged citizens to show patience as his administration implements economic reforms aimed at stabilizing the economy and reducing inflation. He emphasized the government’s efforts to alleviate the economic strain on Nigerians, including initiatives to boost job creation and provide financial support to the most vulnerable.
Algerian Gymnastics Achievements at the Olympics
Algerian gymnast Kaylia Nemour made history by winning a gold medal on the asymmetric bars at the 2024 Olympics, marking a significant achievement for Africa in gymnastics. Nemour's victory is a landmark for African representation in the sport, showcasing the continent's growing talent on the global stage.
Coming up…
South Africa releases its second-quarter GDP growth rate, Nigeria inflation rate data for July will be announced and the Central Bank of Kenya will reveal its latest decision on interest rates.
