ANAMBRA HOS VISITS MINISTRY OF WOMEN AFFAIRS AGAIN, WARNS ON ABSENTEEISM, INSURBORDINATION. (PHOTOS). #PRESS RELEASE

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 Anambra HOS Visits Ministry of Women Affairs Again, Warns On Absenteeism, Insurbordination By Stella Anekwe The Anambra State Head of Service, Ngozi Anuli Iwouno Esq.,mni, on April 29, visited the Ministry of Women Affairs , 29 days after her first visit, warning workers of absenteeism and insurbordination. She frowned at the lack of respect and insubordination witnessed among the staff against the Permanent Secretary of the ministry, warning that if such is reported again, she would post out all the staff. She reminded the workers at the ministry of Women Affairs that the ministry is the gateway of the grassroots to the civil service hence, the workers should be puntual and service oriented always. She said that with the 216 lawyers in the Ministry of Justice that the civil service has enough lawyers for litigation against those flagrantly disobeying the civil service rules and code of service. She raised the issue of administrative query after documentation of absenteeism and ot...
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BLOOMBERG PREDICTS NAIRA WILL RECORD WORST PERFORMANCE IN 25YEARS IN 2024.(PHOTO).

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Bloomberg predicts naira will record worst performance in 25years in 2024

Bloomberg, a US-based media organisation, on Friday, predicted that the naira will decline further in 2024.

According to the publication, the naira is poised for its worst year since the return to democracy in 1999 adding that analysts are predicting further depreciation in 2024.

The report said naira fell 55 percent this year to N1,043 per dollar at the official market on Thursday.

The decline, Bloomberg said, made the naira the third worst-performing currency in the world behind the Lebanese pound and the Argentine peso — among 151 currencies tracked by the media firm.

It reported foreign reserves in Nigeria are at the lowest in six years with most of them burdened by overdue short-term overseas obligations.

In the non-deliverable forwards market, according to the report, the naira’s 12-month contract is trading near a record low of N1,294.44 to the dollar.

The depreciation began in June 2023, after the Central Bank of Nigeria (CBN) unified all segments of the forex exchange (FX) market, allowing the currency to trade more freely. 

Thereafter, President Bola Tinubu scrapped the petrol subsidy.

The publication said the end of the petrol subsidy and naira depreciation fueled inflation, which is at 28.2 percent, while the benchmark interest rate is at 18.75 percent.

“The negative real interest rate has dissuaded overseas investors,” the report said.

Vetiva Capital Management Ltd told the publication that the naira may depreciate further unless Tinubu’s government attracts international investments or ramps up oil output.

Bloomberg’s prediction is at variance with that of Bismarck Rewane, chief executive officer, who said Nigeria’s exchange rate is expected to rise in 2024.

Olayemi Cardoso, the apex bank governor, also projected that exchange rate pressures are expected to reduce significantly in the coming year.

 

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