Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available datafrom the Central Bank of Nigeria. That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg.

The currency of Africa’s largest oil producer has recovered most of its losses since a 43% devaluation in January. That came after the Central Bank of Nigeria introduced measures to improve liquidity, attract capital inflows and allow the market to determine the naira’s exchange rate. As part of the reforms, the CBN pledged to clear a backlog of pent-up dollar demand.

“The CBN does appear to be using its FX reserves to clear the valid backlog, and return the naira to a realistic exchange rate,” said Charles Robertson, the London-based head of macro strategy at FIM Partners. “My assumption is they hope to encourage others – local and foreign investors – to start investing in the local currency, and return private sector liquidity to the foreign exchange market.”

Nigeria still has a sizable cushion of foreign-exchange reserves, buoyed by a rally in oil prices and inflows from multi-lateral loans. Gross reserves of around $32.6 billion cover about six months’ worth of imports, according to the International Monetary Fund.

The central bank said last month it had cleared a backlog of overdue dollar purchase agreements estimated at $7 billion since the beginning of the year. That was built over years as the central bank pegged its currency against the dollar, leading to a scarcity of foreign currency that deterred foreign portfolio investment. However, it’s unclear how much dollar debt the CBN retains on its books.

The publication of the central bank’s financial statements late last year showed it had securities lending agreements with JP Morgan Chase & Co. for $7 billion and another $500 million with Goldman Sachs Group Inc. It is not clear if those obligations have been settled. A spokesperson for the central bank didn’t immediately respond to Bloomberg’s telphonic request for comment.

The FX reserves have fallen despite a surge of inflows into capital markets following 600 basis points of cumulative interest rate hikes in February and March, which increased the allure of Nigerian local debt. Foreign portfolio inflows exceeded $1 billion in February, bringing total receipts so far this year to at least $2.3 billion, according to the central bank.

“The CBN will also be aware that new inflows, from Afreximbank, the World Bank, and a possible eurobond, plus the benefit of higher oil prices and a likely return of remittances via official and semi-official channels (rather than bitcoin) will allow reserves to stabilize or rise again,” Robertson said.

 

Bloomberg

Nigerian Civil Aviation Authority (NCAA) has taken action against three private jet owners for conducting commercial flight operations, as announced on Tuesday.

Chris Najomo, Acting Director of NCAA, revealed this development, stating that the use of private jets for commercial purposes led to directives from Aviation Minister Festus Keyamo to halt such activities.

Earlier warnings had been issued to permit holders for non-commercial flights (PNCF), cautioning against passenger cargo carriage.

Following intensified monitoring at airport terminals, three operators were found violating regulations, leading to the suspension of their PNCF. Najomo emphasized a reevaluation of all PNCF holders by April 19, 2024, to ensure compliance.

Additionally, he mandated submission of relevant documents within 72 hours and warned AOC holders against unauthorized charter operations.

Dangote Refinery has slashed the price of automotive gas oil (diesel) to N1,000 per litre, down from N1,200.

The move aims to make the product more accessible and affordable, with potential benefits for the economy, including mitigating high inflation rates.

The refinery recently set a minimum purchase volume of one million litres for oil marketers.

Civil Society Consortium on Judicial Accountability (CSCJA) has demanded the immediate resignation of Chief Justice of Nigeria (CJN), Olukayode Ariwoola, citing alleged abuse of office and favoritism in his duties.

The group, comprising public interest lawyers, protested in Abuja, expressing outrage over the appointment of the CJN's children as judicial officers. They accused the CJN of nepotism, pointing to the appointment of his son and daughter as judges.

The group delivered a letter to the CJN demanding his resignation and urged the unbundling of the CJN's office to prevent further abuse.

The appointments have sparked concerns about conflicts of interest and undermined public trust in the judiciary, violating ethical standards.

The Consortium emphasized the need for fair treatment and called for an independent inquiry into the allegations. They urged the CJN to step down to restore confidence in the judiciary and ensure ethical governance, emphasizing the importance of impartiality to uphold justice.

ISRAEL’S REPORTS

IDF: Eliminating terrorists and destroying terrorist infrastructure; the 162nd Division continues its precise raid in the central Gaza Strip

Over the past day, IDF troops continued to operate in the central Gaza Strip, during which IDF tanks killed a number of terrorists identified advancing towards them.

IDF troops also directed IAF aircraft that struck terrorist infrastructure.

Furthermore, over the past day, IDF fighter jets and aircraft destroyed a missile launcher along with dozens of terrorist infrastructure, terror tunnels, and military compounds where armed Hamas terrorists were located.

Attached is a video of IDF strikes on terrorist infrastructure in the Gaza Strip: https://bit.ly/4aW9rbD

** IDF: Opening two more bakeries in northern Gaza, working on the Bani Suheila water pipeline and transferring 126 trucks to northern Gaza; COGAT continues to lead humanitarian efforts

The IDF, via the Coordinator of Government Activities in the Territories (COGAT), continues with efforts to enable the daily passage of hundreds of trucks carrying food supplies and humanitarian aid to the residents of Gaza. In accordance with this, over the past two days, 553 aid trucks passed through the Kerem Shalom and the Nitzana crossing after thorough security checks. Additionally, yesterday (Monday), approximately 56 food packages were airdropped at distribution points across the Strip.

Furthermore, as part of increasing the aid routes to the north, 126 trucks were coordinated from the southern to the northern Gaza Strip last night. Additionally, several trucks, accompanied by IDF soldiers, entered through the 'Northern Crossing’ after a rigorous security inspection by the security forces at the Kerem Shalom crossing. Alongside this, work continued on repairing the Bani Suheila water pipeline to the Khan Yunis area. The water pipeline is expected to open in the coming days and will increase water supply to approximately 400,000 people in the area.

In collaboration with the international community, the Coordination and Liaison Administration for Gaza is preparing to open two additional World Food Program (WFP) bakeries in Gaza City in the northern Gaza Strip. Therefore, a fuel truck and flour trucks were coordinated last night, to enable the opening of the bakeries’ activities and their continued operation.

These bakeries in the north of the Strip will join the first WFP bakery in the north of the Strip that opened yesterday, which has a daily production potential of approximately 650,000 pita breads. The bakeries in the north join the 23 bakeries that were opened in the southern and central Gaza Strip, which provide pita bread daily to over 2.2 million residents.

However, despite these humanitarian efforts led by the Coordinator of Government Activities in the Territories, MG Ghasan Alyan, in recent days the content of more than 450 humanitarian aid trucks remains on the Palestinian side of the Kerem Shalom crossing, after undergoing rigorous security inspections by the border crossing authorities. The aid is waiting to be collected by UN agencies for distribution and dispersal to the residents of Gaza.

Attached are photos regarding the WFP bakeries established throughout the Strip: https://idfanc.activetrail.biz/ANC4794980

Attached are photos of the repair of the Bani Suheila water line in the Khan Yunis area: https://idfanc.activetrail.biz/ANC453085

Attached are photos of humanitarian aid trucks 'from the Northern Crossing to Gaza': https://IDFANC.activetrail.biz/ANC5607

Attached are photos of humanitarian aid at the Kerem Shalom crossing awaiting UN collection: https://idfanc.activetrail.biz/ANC654453

Attached is footage of the passage of trucks through the 'Northern Crossing’: https://bit.ly/4aAGdzc

** IDF: Earlier today, an IAF aircraft struck and eliminated Ismail Yusaf Baz, the commander of Hezbollah’s coastal sector, in the area of Ain Ebel in Lebanon.

Ismail served as a senior and veteran official in several positions of Hezbollah's military wing. His current rank is equivalent to a Brigade Commander.

As part of his position, Ismail was involved in the promotion and planning of rocket and anti-tank missile launches toward Israel from the coastal area of Lebanon.

In addition, during the war, he organized and planned a number of terror attacks against Israel.

Attached is video footage of the elimination: https://bit.ly/4aHGOiU

** IDF: The IDF eliminated the Commander of the Rockets and Missiles Unit of Radwan Forces' Western Region

In the area of Kfar Dounine, an IDF aircraft struck and eliminated the terrorist Muhammad Hussein Mustafa Shechory, the Commander of the Rockets and Missiles Unit of Hezbollah's Radwan Forces in Lebanon's central and western region.

As part of his role, Muhammad planned and promoted rocket and missile launches toward Israeli territory from the areas of Lebanon's central and western regions.

During the strike, Mahmoud Ibrahim Fadel-Allah, a terrorist operative of Hezbollah's Rockets and Missiles Unit was also eliminated.

Attached is a video of the elimination in the area of Kfar Dounine: https://bit.ly/3vL4tQd

 

HAMAS’ REPORTS

 

✍️ Member of the Political Bureau of Hamas,

Izzat Al-Rishq:

The Al-Aqsa flood is a detailed stage and turning point, with all its details, and the Zionist terrorism imposed on our Palestinian people in the Gaza Strip will write a new chapter, everything after it will differ from everything before it.

Nazi occupation forces, some of whose pictures were revealed at Al-Shifa Medical Complex; The most horrific massacre in the world was committed against the health sector, confirming what we said previously:

Hitler's Nazism is only a young student in the Nazi-Zionist school.

The Zionist madness against civilians is, on the one hand, a reflection of the complete failure of the occupying army in the face of the resistance, and on the other hand, a reflection of the Zionist terror of the larger variables. The Zionist deterrence equation based on intimidation, bullying, and creating chaos in our region without accountability or control has ended, and we are faced with a completely new equation.

The Nazi terrorism practiced by the occupying state in Gaza is a burning oil stain, the more it expands.

The participating American and Western position in support of Zionist madness was and still is a factor in the expansion of the conflict in the region.

Forcing the Zionist entity to end its crimes and stop the war with all its consequences against Gaza was and still is the shortest way to avoid mixing the cards and widening the circle of fire.

The occupying state will reap what it sowed... and those who oppressed will know which way to turn.

** Commander of Iranian Ground Forces:

- “The era of hit and run” has passed, and anyone who attacks our land will face punishment.

The Zionist entity must know that we have imposed a new rule to respond to every aggression

We will respond to any action by the Zionist entity against us with greater force than last Saturday’s operation

** Violent clashes took place between the resistance and the occupation army north of Nuseirat, coinciding with artillery shelling and air strikes.

** Al-Aqsa Martyrs Brigades - Jenin:

With God's help and strength, our heroic fighters this morning fought fierce clashes with the Zionist occupation forces and their military vehicles storming the city, with machine guns.

#Al-Aqsa Flood

** Violent clashes with the occupation forces near the Wadi Gaza Bridge in the central Gaza Strip

** Violent clashes take place between the resistance and the forces of the defeated army on the northern outskirts of Nuseirat in the middle of the Gaza Strip.

** Hezbollah: We carried out an air attack with assault marches in two batches, targeting the missile defense system in Beit Hillel, hitting the Iron Dome platforms and their crew, and leaving its members dead and wounded.

** Hizb allah:

- We bombed with Katyusha rockets the leadership of the 146th Division in Jatoun.

The bombing came in response to the Israeli enemy’s attacks on the steadfast southern villages and civilian homes, especially the attacks on the towns of Ain Baal and Al-Shehabiya, and the wounding of civilians.

** A military statement issued by the Al-Quds Brigades - Tubas Battalion:

Within the Battle of Al-Aqsa Flood, our Mujahideen in the Tubas Battalion, at dawn today, Wednesday 4/17/2024, confronted the occupation forces storming the city in more than one axis. Our Mujahideen were able to target the occupation forces in the vicinity of Al-Quds Open University with blessed bullets.

Our mujahideen were able to target the military bulldozer in the vicinity of Al-Ahmadin Roundabout with direct bullets from point zero.

Our Mujahideen also detonated an explosive device on bulldozers and occupation vehicles in the vicinity of Al-Quds Open University.

Our Mujahideen also managed to set up a precise ambush for the occupation forces at the Tammoun Junction, which were retreating from the city, and rained heavy bullets on them.

** Hamas leader, Mahmoud Mardawi: The latest American proposal is a coup against the negotiations, and Netanyahu wants to blow up the region to serve his interests, and the entire region will pay the price for American support for the occupation policies.

 

Israel Defense Forces/Hamas Brigade al-Qassam

WESTERN PERSPECTIVE

Ukraine says it 'ran out of missiles' to stop Russian strike ruining power station

A lack of air defense missiles prevented Ukraine from thwarting a Russian missile attack last week that destroyed the biggest power plant in the region around the capital Kyiv, President Volodymyr Zelenskiy said.

Zelenskiy's comments, which follow repeated warnings from his government to its allies about scarce air defences, reflect the dire situation Ukraine finds itself in as Russia scales up strikes on its energy system.

"There were 11 missiles flying. We destroyed the first seven, and four (remaining) destroyed Trypillia. Why? Because there were zero missiles. We ran out of missiles to defend Trypillia," he said in the interview with PBS.

Reuters was not able to independently verify the account. Zelenskiy has earlier warned that Ukraine has already had to make tough choices about what to protect and said his country could run out of defensive missiles entirely if Russian attacks continued apace.

Destroyed in 11 March strike, Trypilska thermal power plant was the biggest energy facility near Kyiv and was built to have a capacity of 1,800 megawatts, more than the pre-war needs of Ukraine's biggest city. Other stations and imports have filled the gap for now but residents have been urged to save power.

Russia has stepped up combined missile and drone strikes targeting Ukraine's grid system since mid-March. It is the second concerted Russian attack on the energy system since Russian forces invaded Ukraine more than two years ago and has proven much more devastating than the first one.

In recent attacks, Ukraine lost about 7 gigawatt of power generating capacity, with major thermal power plants and transmitting capabilities significantly damaged.

Moscow says the strikes are aimed at degrading Ukraine's ability to fight and are in retaliation for recent attacks inside Russia.

Western allies have been reluctant to send additional air defenses to Ukraine, which says it needs 25 Patriot systems to cover its territory properly. Germany has pledged to deliver another system following urgent calls from Kyiv.

 

RUSSIAN PERSPECTIVE

US told Ukraine to halt attacks on Russian oil refineries – WaPo

The US has on multiple occasions asked Ukraine to stop targeting Russian oil refineries with its drones, the Washington Post claims, citing anonymous American officials. Kiev has reportedly ignored those requests, thus straining relations with its top foreign provider of military assistance, the newspaper reports.

Since January, Ukraine has launched a series of long-range attacks on Russian energy facilities, including oil depots and refineries, using kamikaze drones. Russian Defense Minister Sergey Shoigu has argued that the strikes have been meant to impress Kiev’s Western backers amid a lack of progress on the front line.

The Washington Post reported on Monday that US Vice President Kamala Harris had met privately with Ukrainian President Vladimir Zelensky on the sidelines of the Munich Security Conference in February, telling him to refrain from targeting Russian oil refineries. President Joe Biden’s administration reportedly believes that such attacks would raise global energy prices and provoke massive Russian retaliation.

According to the media outlet, the Ukrainian head of state “brushed off the recommendation.” Despite the US becoming more and more insistent over the following weeks, Kiev doubled down on its strategy.

As a rift widens between Washington and Kiev over the latter’s tactics, Ukrainian officials are becoming exasperated at the US’ inability to provide its partner with additional weaponry. This is due to the fact that Republicans in Congress have, for months, been blocking President Joe Biden’s foreign aid package, that envisages, among other things, $60 billion for Ukraine.

The newspaper, citing US Senator Tom Cotton, suggested that Biden’s main concern is keeping gasoline prices from rising domestically ahead of the November US presidential election.

Appearing on Ukrainian TV on Sunday, the country’s Foreign Minister Dmitry Kuleba made it clear that Kiev would consider Washington’s appeals if the US boosted its defense aid for Ukraine.

Last Wednesday, Celeste Wallander, the US Assistant Secretary of Defense for International Security Affairs, told lawmakers that the “strikes that we have seen against Russian energy sources have not significantly altered Russia’s ability to prosecute the war.”

She added that the “Russians have been able to rapidly repair the facilities that were struck.”

A day prior, US Secretary of Defense Lloyd Austin told a Senate panel that “those attacks could have a knock-on effect in terms of the global energy situation.”

Last Thursday, Russian President Vladimir Putin said that Ukraine’s recent tactics have forced Russia to respond by targeting Kiev’s energy and oil facilities. He explained that these strikes have helped degrade the Ukrainian defense industry’s capabilities.

Moscow has described the Ukraine conflict as a US-led proxy war against Russia, with Washington willing to fight “to the last Ukrainian.”

 

Reuters/RT

 

 

 

As a Gen Zer who works in journalism, thinking about how AI could change the future of work is a little daunting. I don’t know the first thing about coding, machine learning, robotics or data science. 

Luckily, these knowledge gaps won’t make or break my ability to be successful in the AI era, according to millionaire entrepreneur Scott Galloway. A more counterintuitive skill will be the most valuable.

“If I could give my 13- and 16-year-old one competence that I think would stand the test of time, it’d be storytelling,” Galloway told CNBC Make It, after a live recording of Vox’s “Pivot” podcast at South by Southwest last month.

The type of storytelling may not matter, because the platforms people use to communicate can rapidly change. The important part is developing an “ability to write well, an ability to articulate ideas and an ability to present ideas with data, infographics, slideshows,” Galloway said.

“We don’t know if in five years some neural network is going to replace ChatGPT,” he added. “We don’t know if coding is going to be outdated.”

Finding a way to be an expert in your field is a good way to become successful, no matter what else happens around you, Galloway pointed out.

“The specific crowds out the general,” he said. “Find a niche, no matter how narrow it is, and try and own it. Commit to being one of the most knowledgeable people in the world on a domain. ... You’re never going to be an expert in anything if you don’t enjoy it.”

As a journalist, storytelling is practically in my DNA. And though I’m still figuring out what exactly my niche is and what kinds of stories I enjoy telling the most, I feel at ease knowing that I won’t need to take a robotics class to be successful in the future.

 

CNBC

Goldman Sachs, a leading global investment bank, forecasts Nigeria to become the fifth-largest economy globally by 2075, solidifying its position as Africa’s largest economy.

The report also predicts Nigeria to rank 15th by 2050, with a projected GDP of $13.1 trillion by 2075. This places Nigeria ahead of Germany, Japan, France, United Kingdom, Pakistan, Egypt, Brazil, and others.

The shift in economic power is driven by Nigeria's large and youthful population, potentials in agriculture, energy, and emerging technology sectors. However, challenges like political instability and infrastructure deficits could hinder growth.

The report highlights the significant rise of Asian economies, with China and India leading, while also noting growth in Africa, the Middle East, and Latin America.

Alpesh Patel of Praefinium Partners underscores the importance of economic reforms and technological advancement in shaping the future global economy.

Once again, Nigeria's electricity grid suffered a collapse, plunging several cities into darkness.

The collapse occurred at 2:42 a.m. on Monday, with electricity generation plummeting to 64.70 megawatts.

The Jos Electricity Distribution Company (Jos DisCo) confirmed the outage, attributing it to the loss of power supply from the national grid.

In a statement by Friday Elijah, the Head of Corporate Communications at Jos DisCo, the company expressed hope for a swift restoration of normal power supply once the grid is back to stability. This incident marks another setback for the power sector, which has been grappling with challenges such as policy enforcement, regulatory uncertainty, gas supply issues, transmission constraints, and planning deficiencies.

Despite the government's privatization efforts in 2013 to enhance efficiency, the grid has collapsed over 140 times since then.

Ndidi Mbah, the General Manager of Public Affairs at the Transmission Company of Nigeria (TCN), assured the public that updates regarding the situation would be provided soon.

In March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.20 percent, up from 31.70 percent in February, according to the National Bureau of Statistics (NBS).

The consumer price index (CPI) report released by the bureau revealed that food inflation also rose to 40.01 percent during the same period. This increase represents a 1.50% point rise compared to February 2024 and an 11.16% point increase compared to March 2023.

On a month-on-month basis, the headline inflation rate decreased slightly to 3.02% in March, down from 3.12% in February.

Food prices were identified as a major contributor to the inflation rate, driven by increases in the prices of staple foods such as garri, millet, bread, yam, dried fish, meat, and fruits.

However, there was a slight decrease in food inflation on a month-on-month basis, attributed to lower prices of certain food items.

The report highlighted that Kogi, Kwara, and Akwa Ibom states had the highest food inflation rates on a year-on-year basis, while Abia, Cross River, and Bayelsa had the highest rates on a month-on-month basis. Conversely, Nasarawa, Borno, and Bauchi recorded the slowest rise in food inflation on a year-on-year basis, with Borno, Yobe, and Adamawa showing the slowest increase on a month-on-month basis.