MOROCCO PLACES PROVINCES ON HIGHEST ALERT AS WILDFIRE SPREADS. (PHOTO).

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 Morocco places provinces on highest alert as wildfire spreads Morocco has placed nine provinces at the highest wildfire alert level as blazes continued to intensify over the past week, with satellite data showing that more than 4,100 hectares (10,131 acres) have burned since the start of the year. Data from the European Commission-backed Global Wildfire Information System (GWIS) showed that about 855 hectares (2,112 acres) burned over the past week, marking an increase from the previous week, Anadolu Agency reported. The system also detected 1,006 thermal anomalies across Morocco between Jan. 1 and Aug. 2, including 59 over the past week. Thermal anomalies are satellite-detected hotspots and do not necessarily represent separate wildfires, as the same fire may be detected more than once. On Friday, Morocco’s National Agency for Water and Forests issued red-level wildfire warnings for nine provinces in the country’s north and east, indicating an extreme risk of forest fires. Offici...
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NAIRA FALLS TO N1200/$ IN PARALLEL MARKET, GAINS 11% IN NAFEM. (PHOTO).

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Naira falls to N1200/$ in parallel market, gains 11% in NAFEM

The naira depreciated yesterday to N1,1200 per dollar in the parallel market from N1,172 per dollar on Wednesday.

However, the naira yesterday appreciated to N843.07 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N843.07 per dollar from N951.22 per dollar on Wednesday, indicating 11 percent or N108.15 appreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N356.93 per dollar yesterday from N220.78 per dollar on Wednesday.

Mr. Yakubu Ahmed, a black market trader said high demand for dollars still persists despite traders’ anticipation of a positive change in the trend of the foreign exchange rate.

“There is still high demand for dollars but little access to it. I sold a dollar today for N1,200 and bought for N1,180.  

“Though we anticipate a positive change from the current trend of depreciation of the naira.

“But most traders are still worried that the naira might be in a falling trend for a long period due to decline in foreign exchange inflows which is also affecting the official market.”

 

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