International
JUST IN: Naira records highest depreciation against dollar amid Trump’s tariff war
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
Trump threatens Iran bridges, power plant in latest Hormuz attacks
Trump told reporters that he was “not finished” with a war that has already cost Washington $37.5 billion.
US President Donald Trump threatened on Wednesday to bomb Iranian bridge or power plant each time Theran attack ship in the Strait of Hormuz.
The latest round of escalation began on July 18.
Trump told reporters that he was “not finished” with a war that has already cost Washington $37.5 billion.
Fighting over the strait led to the collapse of a preliminary deal between the United States and Iran, and Tehran has reimposed its blockade on the strategic conduit for oil and gas shipments, firing on vessels that seek to transit.
The blockade has rattled markets and sent oil prices climbing, adding to the pressure on Trump to find an off-ramp to a conflict that has hit Americans’ pocketbooks heading into closely-fought midterm elections.
International
Zelensky sacks Ukraine’s top army commander after days of protests
Syrskyi was replaced by Mykhailo Drapatyi, 43, who is a popular, battle-hardened general.
•Zelensky
Ukrainian President Volodymyr Zelensky has dismissed the country’s army commander-in-chief, Oleksandr Syrskyi.
It comes just days after the removal of popular Defence Minister Mykhailo Fedorov – a move that triggered street protests across the country.Initial rumours that the end of Fedorov’s tenure was related to a conflict between him and Syrskyi were soon confirmed.
Fedorov, 35, has been widely praised for energising the ministry and transforming the armed forces, as well as leading a drive against corruption.
Syrskyi, 60, is seen by many in Ukraine as a Soviet-school commander reluctant to implement radical changes in the army.
Syrskyi defended his record in a farewell address, writing on Telegram: “An army that was fighting a difficult defensive campaign two years ago is now on the offensive.””I am handing over to my successor an army that is not only holding the line but is advancing… I sincerely hope this offensive will continue.”
Syrskyi was replaced by Mykhailo Drapatyi, 43, who is a popular, battle-hardened general.
” I will work responsibly, with full focus, and with respect for the people who are defending our country today,” Drapatyi said on Facebook
BBC
International
Burnham becomes PM, vows 10-year plan to stabilise UK
The 56-year-old is the sixth prime minister to enter Downing Street in the last 10 years.
•Incoming Prime Minister Andy Burnham poses with Britain’s King Charles III on July 20, 2026 (Photo by Aaron Chown / POOL / AFP).
Andy Burnham became British prime minister Monday after meeting King Charles III at Buckingham Palace and was set to set out his vision for the country after taking over from Keir Starmer.
In his first speech, Burnham vowed to put forward a 10-year plan for Britain, saying the country needed to make politics work.
“Britain needs to show the world that we can regain our stability once again,” Burnham said just after being appointed by King Charles III to take over from Keir Starmer.
He pledged to “issue my first instruction to end rough sleeping in our country” once he starts work.
Starmer departed Downing Street on Monday morning, insisting in a farewell speech his two years in office had made Britain a better place.
The monarch met Starmer to accept his resignation and Burnham arrived next for the formal procedure in which the king asked him to form the next government and he accepted.
The 56-year-old is the sixth prime minister to enter Downing Street in the last 10 years.
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