Hello Twentyten Daily Readers,
Below is a roundup of last week stories, we reported how Africa’s economy, like the rest of the world, continues to face prolonged depression due to the breakdown in much-needed commerce as a result of the ongoing Covid-19 pandemic. Some countries have devalued their currencies in order to foster economic growth, but this has not done much good.
A weakened currency gives rise to inflation and poor trading for major economic actors like exporters selling abroad and Importers (that is, firms selling imported goods). Here are five currencies within the continent that have grown weaker compared to the US dollar. Read here
Which Are The Strongest African Currencies?
Factors such as interest rates, economic policies and stability influence the strength of any currency according to financial experts. Currencies with relatively higher interest rates attract foreign investors, increasing demand and price, thereby making them more robust and tradable. In Africa, some currencies fall in this category. Read here
91% Of Revenue Spent On Debt Servicing
The Federal government spent N2.02 trillion on debt servicing in the first six months of this year. This represents 90.5 percent of the total revenue of N2.23 trillion generated by the federal government within the period. Read here
Survey: Nigerians Believe In Religious Leaders Than Government
A survey by Africa Polling Institute has shown that Nigerians’ trust in religious and traditional leaders are more than the government and its administration. Read here