Saturday 18 June 2016

Naira; An embattled Currency.

Finally Nigeria floats the naira, while its farmers fight for peace, and and militants for oil.

After resisting pressure to float Nigeria's currency to help in an economic crisis, the country's central bank on Wednesday announced an easing of controls on the naira. President Muhammadu Buhari had sworn he wouldn't let the naira's value fall, but foreign currency reserves have run low as oil exports bring in less cash. Limited access to dollars added to economic pressures and choked off imports including petrol. Last month the central bank governor warned of an imminent recession.

Meanwhile, we look at the often-fatal standoff between Fulani herdsmen and farmers in Nigeria. Progress to find a route to reconciliation has been slow, but there are efforts underway at the grassroots level to resolve the conflict.

And during the Islamic holy month of Ramadan, many believers make an extra effort to help out those in need. As the country continues to battle Boko haram,  Fulani Herdsmen, Militants from the south, IPOB from the East. Buhari's regime has met a high level of resistance after ushering an era of economic dwindling due to the fall of oil. And his resilient fight against corruption. The nation is one step away from a civil war as every group, region, and culture, including religion battle for supremacy.

No comments:

Post a Comment