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Economic Crisis: Naira Among 10 Worst Performing Currencies Globally — Bloomberg Report

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Nigeria’s local currency, the naira, is among the 10 worst-performing currencies in the world.

According to a report by Bloomberg, out of the 10 worst-performing currencies, five are from Africa, including the Zambian kwacha, the Angolan kwanza, and the naira.

The drop in the performance of the African currencies was linked to economic challenges, unstable commodity prices, inflationary pressures, and a lack of dollar liquidity.

Also, Bloomberg said the poor performance is due to many African economies depending on oil exports, so they are vulnerable to declines in price.

Commenting on the data, Keonethebe Bosigo, portfolio manager at Mazi Asset Management, said oil prices are not the only issue, even though it is a major factor.

Bosigo said poor currency management and imbalances are “the real culprits”.

Speaking on the performance of the naira, the portfolio manager said oil prices are a factor, “but the real issue is that the naira wasn’t allowed to adjust, which led to its overvaluation and a subsequent loss of confidence in the currency”.

On his part, Irmgard Erasmus, an economist at Oxford Economics, said the naira continues to “face significant pressure despite reforms aimed at liberalising the current account”.

“The naira remains undervalued relative to its long-term neutral value due to ongoing issues around liquidity and dollar supply,” Erasmus said.

“Although Nigeria has made inroads toward current account liberalisation since the Tinubu victory in 2023, hard-currency supply challenges persist while tightening regulations on the banking sector and BDC operators contribute to risk aversion.”

“The government’s slow pace of reforms, combined with haphazard monetary policies, continues to keep the currency in undervalued territory,” he added.

Erasmus also said the naira should be trading closer to N1,100 per dollar in the absence of distortions, compared to Thursday’s close of N1,544/$.

He, however, said without significant policy changes and improved dollar liquidity, the outlook for the naira remains fragile.

On June 14, 2023, the Central Bank of Nigeria (CBN) officially unified the multiple FX rate systems, collapsing all FX windows into the investors’ and exporters’ (I&E) window.

The policy resulted in the depreciation of the local currency and caused significant levels of volatility in the FX market.

At the close of trading on Friday, data from FMDQ Securities, a platform that oversees official foreign exchange trading in Nigeria, showed that the naira traded at N1,541 per dollar.

BIG STORY

Stamp Of His Honour…As Unilag prepares To honor Senator Michael Opeyemi Bamidele — By Kayode Alfred

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All roads lead to the Eko Hotel and Suites, Victoria Island, Lagos, on Friday, October 17, 2025, as the crème of Nigeria’s political and social elite converge for the 55th Anniversary Awards and Recognition Dinner of the University of Lagos Alumni Association.

The highlight of the evening will be the conferment of the UNILAG Alumni Lifetime Achievement Award on Senator (Dr.) Michael Opeyemi Bamidele, CON, the distinguished Senate Majority Leader and alumnus of the prestigious institution.

The invitation-only, VIP-tagged event has already set high society abuzz. Expected in attendance as Special Guest of Honour is His Excellency, Alhaji Kashim Shettima, GCFR, Vice President of the Federal Republic of Nigeria, while Dr. Sonny Kuku, OFR, FAS, the Olor’ogun of Ijebuland, will chair the occasion. The evening will be hosted by Engr. Ifeoluwa Oyedele, FNSE, FAEng, President of the University of Lagos Alumni Association Worldwide.

For Senator Bamidele — popularly known as M.O.B. — this honour is yet another feather in an already decorated cap. From his early days as a student activist at UNILAG, where he served as a students’ union leader, to his current role as a national lawmaker and policy influencer, Bamidele’s journey has been marked by resilience, intellect, and service. His legislative record, advocacy for judicial reforms, and mentorship of young Nigerians have earned him accolades across the political divide.

The event promises to be an elegant celebration of excellence, legacy, and leadership. With the Eko Hotel ballroom set to sparkle with glamour, guests are expected from the Senate, the judiciary, academia, and corporate Nigeria.

Conversations in Lagos power circles already suggest that this will be one of the most talked-about social gatherings of the year — a fitting tribute to a man whose career continues to inspire both the old guard and the next generation.

For Senator Bamidele, October 17 will not just be another evening of recognition; it will be a homecoming of sorts: a return to where it all began.

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BIG STORY

BREAKING: Senate Confirms Amupitan As INEC Chairman

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The Senate has officially confirmed Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission (INEC).

His confirmation came after a voice vote by lawmakers, following a screening session in which Amupitan answered questions on his plans for the commission’s future.

Amupitan, who arrived at the National Assembly earlier in the day, exchanged pleasantries with senators before entering the chamber. He was accompanied by the Governor of Kogi State, Ahmed Ododo, and several dignitaries.

At about 12:50 p.m., he was ushered into the Senate chamber by the Presidential Adviser on National Assembly Matters (Senate), Senator Abubakar Lado. His entry followed a motion by Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central), to suspend Order 12 and permit visitors into the chamber. The motion was seconded by the Minority Leader, Senator Abba Moro (PDP, Benue South).

Senate President Godswill Akpabio welcomed Amupitan, his family, and well-wishers to the Red Chamber, commending them for their presence. Akpabio also disclosed that the nominee had been cleared by multiple security agencies, including the National Security Adviser’s office, the Department of State Services, and the Nigeria Police Force. According to Akpabio, “the Inspector-General of Police, having done a fingerprint search, confirmed that Amupitan has no criminal record.”

The screening began around 12:55 p.m. after Akpabio’s opening remarks, during which he outlined the Senate’s procedure for assessing the nominee’s credentials. Lawmakers quizzed Amupitan on his vision for credible elections, plans for institutional reforms within INEC, and strategies for enhancing the use of technology in Nigeria’s electoral system.

With his confirmation, Amupitan will now oversee preparations for upcoming off-cycle governorship elections and set the stage for the 2027 general elections.

Earlier reports indicated that President Bola Tinubu nominated Amupitan, a Professor of Law at the University of Jos, to replace Prof. Mahmood Yakubu. The nomination letter was read by Akpabio during Tuesday’s plenary session.

A Senior Advocate of Nigeria and former Dean of the Faculty of Law at the University of Jos, Amupitan is widely respected for his expertise in constitutional and international law.

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BIG STORY

JUST IN: Senate Screens INEC Chairman-Designate Amupitan

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The newly appointed Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, appeared before the Senate on Thursday for his screening and confirmation.

Amupitan, who arrived at the National Assembly complex earlier in the day, exchanged pleasantries with Senators before entering the chamber. He was accompanied by Kogi State Governor Ahmed Ododo and other dignitaries.

At about 12:50 p.m., he was ushered into the Senate chamber by Senator Abubakar Lado, the Presidential Adviser on National Assembly Matters (Senate). The session was convened after Senate Leader Opeyemi Bamidele (APC, Ekiti Central) moved that Order 12 be suspended to allow “strangers” into the chamber. His motion was seconded by Senate Minority Leader Abba Moro (PDP, Benue South).

Senate President Godswill Akpabio welcomed Amupitan, his family, and well-wishers to the Red Chamber. He informed Senators that the nominee had been cleared by the Office of the National Security Adviser (NSA) after a comprehensive vetting process.

According to Akpabio, the Department of State Services (DSS) and the Inspector-General of Police’s office had also cleared Amupitan, confirming he had no criminal record.

The screening commenced around 12:55 p.m., following Akpabio’s remarks outlining the procedures for assessing the nominee’s credentials.

Earlier in the week, President Bola Tinubu had nominated Amupitan — a Professor of Law at the University of Jos and Senior Advocate of Nigeria (SAN) — to succeed former INEC Chairman Prof. Mahmood Yakubu, who resigned from his position.

Tinubu’s nomination letter was read on the Senate floor during plenary on Tuesday.

Amupitan, a former Dean of the Faculty of Law, University of Jos, is widely recognised for his expertise in constitutional and international law. His nomination, however, has attracted mixed reactions from civil society organisations and political stakeholders, some of whom have called for deeper electoral reforms to strengthen INEC’s independence and transparency.

The ongoing screening is expected to centre on Amupitan’s vision for credible elections, his plans for institutional reforms within INEC, and strategies to enhance the use of technology in Nigeria’s electoral process.

If confirmed by the Senate, Amupitan will lead preparations for the forthcoming off-cycle governorship elections and set the foundation for the 2027 general elections.

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