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JUST IN: Naira records highest depreciation against dollar amid Trump’s tariff war

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The Nigerian naira recorded its highest depreciation against the dollar this week at the official foreign exchange market amid United States of America President, Donald Trump’s tariff announcement.

The Central Bank of Nigeria’s exchange data showed that it dropped to N1,552.53 per dollar on Thursday from N1,531.25 traded on Wednesday.

This means that the naira slumped by N21.28 against the dollar on Thursday compared to N1,531.25 exchanged the previous day.

This is the highest depreciation against the dollar on a single day since March 22, when the currency dropped by N18.96 weekly at the official market.

Similarly, at the black market, the naira weakened by N5 on Thursday to N1,560 per dollar from N1,555 traded on Wednesday.

The development comes despite CBN’s announcement that the country’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years.

The drop in the naira at both official and parallel foreign exchange markets follows Trump’s administration’s tariff announcement on Wednesday, which sparked outrage across the world.

Economic experts said Trump’s 10 percent baseline tariffs would affect US-Nigeria trade worth $10 billion.

The chief executive officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf on Thursday in a statement said Trump’s tariff would affect Nigeria’s economy because it has brought an end to the African Growth and Opportunity Act.

International

Renowned Gospel Singer and Worship Leader Ron Kenoly Dies at 81

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Dr. Ron Kenoly, the celebrated American gospel singer, worship leader, and songwriter whose powerful anthems have inspired millions worldwide, has passed away at the age of 81.

Kenoly, widely regarded as one of the pioneers of contemporary praise and worship music, was best known for timeless classics such as “Ancient of Days,” “Lift Him Up,” “Sing Out,” “As for Me and My House,” “I Will Come and Bow Down,” and “Jesus Is Alive.” His music, characterized by joyful, exuberant praise and a deep focus on God’s manifest presence, became staples in churches, conferences, and worship gatherings across denominations and continents.

Born on December 6, 1944, in Coffeyville, Kansas, Kenoly served in the United States Air Force before transitioning into full-time ministry. He served as a music pastor and later earned a Doctorate in Ministry of Sacred Music in 1996. His breakthrough came through recordings with Integrity Music in the 1990s, which propelled his ministry to global prominence.

Over the course of his career, Kenoly toured extensively, ministering in more than 120 nations and recording numerous live worship albums that captured the energy and spiritual intensity of his live sessions. His work influenced generations of worship leaders, choirs, and congregations, helping shape modern gospel and praise music.

No official cause of death has been released at this time. Further details and statements are expected from his family or representatives in the coming days.

Ron Kenoly’s legacy endures through his enduring catalog of songs that continue to uplift and draw believers into worship around the world.

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International

South Africa kicks out Israel’s ambassador Ariel Seidman

The South African foreign ministry accused Ariel Seidman of “unacceptable violations of diplomatic norms and practice which pose a direct challenge to South Africa’s sovereignty.”

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•Cyril Ramaphosa, South African President

The South African government on Friday declared Mr Ariel Seidman, the chargé d’affaires of the Israeli Embassy, unwelcome and ordered him out of the country within 72 hours, for what it called repeated violations of diplomatic norms, including insulting President Cyril Ramaphosa.

The South African foreign ministry accused Ariel Seidman of “unacceptable violations of diplomatic norms and practice which pose a direct challenge to South Africa’s sovereignty”.

“These violations include the repeated use of official Israeli social media platforms to launch insulting attacks” on Ramaphosa, as well as a “deliberate failure” to notify the South African authorities about visits by senior Israeli officials.

Diplomatic relations between South Africa and Israel have been strained since South Africa brought a genocide case over Israel’s actions in Gaza at the International Court of Justice. Israel has rejected the case as baseless.

South African lawmakers in 2023 voted in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations over the war in Gaza, but that decision was never implemented.

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Burkina Faso military government dissolves political parties

Burkina Faso’s Interior Minister Emile Zerbo said the decision was part of a broader effort to “rebuild the state” after what he said were widespread abuses and dysfunction in the country’s multiparty system.

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•Photo: Heads of state of Mali’s Assimi Goita, Burkina Faso’s Captain Ibrahim Traore and Niger’s General Abdourahamane Tiani walk together during the first ordinary summit of heads of state and governments of the Alliance of Sahel States (AES) in Niamey, Niger July 6, 2024. REUTERS/Mahamadou Hamidou.

Burkina Faso’s military-led government has dissolved all political parties and scrapped the legal framework governing their operations.

The decree was approved by the government ‘s council of ministers on Thursday.

The decision by the military rulers who seized power in September 2022 is the latest move to tighten control following the suspension of political activities after the coup.

Burkina Faso’s Interior Minister Emile Zerbo said the decision was part of a broader effort to “rebuild the state” after what he said were widespread abuses and dysfunction in the country’s multiparty system.

He said a government review found that the multiplication of political parties had fuelled divisions and weakened social cohesion.

Before the coup, the country had over 100 registered political parties, with 15 represented in parliament after the 2020 general election.

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