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Another rich country insisting on being poor watches its currency collapse
Nigerian Naira Ends Year with 96.5% Loss to U.S. Dollar on Official Market
By Hope Moses-Ashike
Business Day, Lagos, Nigeria
Sunday, December 31, 2023
The foreign exchange market trading closed for the year on Friday with the naira losing 96.55% of its value against the dollar at the official market.
At the end of 2023 trading, the naira depreciated by 96.55% percent year-on-year as the dollar was quoted at N907.11 on Friday compared to N461.61 quoted at the end of 2022 at the Nigeria Autonomous Foreign Exchange Market, data compiled by BusinessDay from the Financial Markets Dealers Quotations indicated. ...
... For the remainder of the report:
https://businessday.ng/news/article/naira-ends-year-with-96-55-loss-to-dollar-at-official-market/
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... From 11 months ago:
Nigeria Bets on New Gold Project to Attract More Miners
By William Clowes
Bloomberg News
Wednesday, February 22, 2023
Carved from forested hills by excavators and explosives, Nigeria’s only industrial gold mine yielded 98,000 ounces of the precious metal last year — a key step in the efforts of Africa’s biggest crude producer to pivot away from oil.
“The more formal operations like this that we have, the better for the country,” Minister of Mines Olamilekan Adegbite told Bloomberg in December during a tour of Thor Explorations Ltd.’s Segilola mine. The project ramped up production in late 2021 and is located about 155 miles from the commercial hub of Lagos.
... Dispatch continues below ...
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Nigeria has sizable untapped deposits of metals including gold, zinc, lithium and iron ore, but nearly all extraction is done by so-called artisanal miners on a small-scale or manual basis, meaning the government misses out on tax revenue. These informal activities also finance some of the armed criminal groups that operate across large swathes of Nigeria and the authorities periodically arrest Chinese nationals for illegally trading in minerals. Crude sales account for about 90% of export earnings.
“Mining in Nigeria has largely been ignored for years but the sector is now a strategic priority for the federal government,” Martin Lokanc, a senior mining specialist with the World Bank, said in an interview. “This first proper industrial scale mine, to my mind, is a very important proof of concept — It demonstrates that attractive deposits exist, and can be developed to a high technical and governance standard.” ...
... For the remainder of the report:
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