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Africa Headlines

Naira rebounds as banks offload excess dollars – After spate and courageous directives and measures by the Central Bank of Nigeria (CBN) in the last 36 hours, the Naira slightly bounced back in yesterday’s trading. Yesterday’s trading saw commercial banks made frantic efforts to sell their excess foreign exchange (FX) holdings, according to the new rules of the Bank. Treasury departments of Deposit Money Banks (DMBs) processed numerous FX requests and sold more US dollars to customers throughout the day. The increased forex sale activities at the official market resulted in the naira rebounding on the streets. Concerns over long-term foreign exchange positions held by banks to profit from exchange rate volatility prompted the CBN to issue a circular, titled "Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks." The circular aimed to reduce risks associated with banks holding large foreign currency positions. Banks were directed to comply with the new regulations by February 1, 2024. The CBN's directive, aimed at unifying official and parallel market rates, led to a sharp rebound of the Naira on the NFEM platform. Bureau De Change operators in Lagos, Kano, and Abuja rushed to sell their dollar holdings amid fears of sustained gains. Naira traded between N1,300/$ and N1,350/$ on the streets.

Nigeria plays Angola for a place in AFCON 2023 Semi Final tonight – The Super Eagles of Nigeria, now favourite to win the Africa Cup of Nations after a string of other heavyweight departures from the competition faces the Palancas Negras of Angola for a place in the last four tonight. The game will be played at the Felix Houphouet Boigny Stadium 6pm Nigeria time. Nigeria emerged group A winners and beat Cameroon in the round of 16 for the opportunity to meet Angola in the last eight. Both teams have met 10 times before, with Nigeria winning three and drawing five. Nigeria is favourite to win the game.  The last time Nigeria were champions was 2013

Canal+ seeks a “merger” of two Africa’s broadcasting giants – Canal+ has bid to create a single broadcasting giant in Africa with a bid of US $2.5 billion for MultiChoice, the South Africa broadcaster and owners of DSTV and Showmax. If it goes through, the combined entity will be near monopoly in Africa with significant control in all major Africa markets including South Africa and Nigeria. Canal+ already owns 31% stake in Multichoice and the plan is to take the company private, offering 40% mark up on share price trading yesterday. Multi choice has operations in 50 Africa countries, with the South Africa and Nigeria attraction very key to Canal+ plans. Canal+, while already a big player on the continent, its scope is largely limited to Francophone Africa.

UN rights chief decries death of 50 people in Mali attacks – The UN High Commissioner for Human Rights, Volker Turk, expressed deep concern and shock over the alleged summary executions of 25 individuals by Mali's army and foreign military personnel. He also expressed alarm at the killings of approximately 30 civilians in attacks in central Mali. Gathering information in Mali is challenging due to factors such as its vast geography, poor communications infrastructure, and security issues. Rebel violence that began in northern Mali in 2012 has spread to the central regions, resulting in a significant number of deaths and dire humanitarian consequences. Mali is currently under military rule and has shifted its alliances away from France towards Russia, including withdrawing from the Economic Community of West African States (ECOWAS). Accusations of human rights abuses by the Malian army and its allies have been made by the UN and local sources, but investigations into these allegations have not produced successful outcomes thus far. The UN rights chief called for thorough and impartial investigations into the alleged abuses and for those responsible to be held accountable.

Tinubu lauds Dangote on award of Senegal’s highest honour – Aliko Dangote, the President/CEO of Dangote Industries Limited, has been honoured with the National Order of the Lion, the highest civilian award in Senegal, by President Macky Sall. The award recognizes Dangote's contributions to Senegal, including his business acumen, philanthropy, and transformative projects. The ceremony will take place in Senegal. Nigerian President Bola Tinubu congratulated Dangote on the award, praising his entrepreneurial spirit, job creation, and economic contributions to Nigeria and West Africa. Dangote was also recently bestowed with the Commander of the Order of Merit of Niger award by the President of Niger. Additionally, he received Nigeria's second-highest national honour, the Grand Commander of the Order of the Niger (GCON), making him the first non-governmental individual to receive this recognition. The GCON is typically reserved for Nigerian Presidents, Heads of State, Vice-Presidents, Chief Justices, and Senate Presidents.

Global Headlines

New cancer cases to soar 77 percent by 2050, WHO predicts – According to the World Health Organization’s cancer agency, the number of new cancer cases worldwide is projected to reach 35 million in 2050, representing a 77 percent increase from 2022. The rise in cancer cases is attributed to factors such as tobacco use, alcohol consumption, obesity, and air pollution. In 2022, an estimated 9.7 million deaths were caused by cancer. Approximately one in five people develop cancer in their lifetimes, with one in nine men and one in 12 women succumbing to the disease. The burden of cancer is expected to affect low-income countries the most, with a projected doubling of cases by 2050. Lung cancer is the most prevalent globally, particularly in men, while breast cancer is the most common among women. The report emphasizes the need for increased investment in early diagnosis, screening, prevention efforts, and palliative care to address the growing cancer burden.

European Union agrees on new $54bn aid package for Ukraine – 27 European Union (EU) countries have agreed to provide an additional €50 billion (US $54 billion) aid package for Ukraine, despite Hungary's earlier threat to veto the move. The deal, reached during a special summit in Brussels, aims to secure long-term funding for Ukraine and demonstrates the EU's commitment to supporting the country. Ukrainian President Volodymyr Zelenskyy welcomed the decision, emphasizing the unity of the EU leaders in supporting Ukraine. The aid package comes at a crucial time as Ukraine seeks financial support amid ongoing political delays in receiving aid from both the US and EU. Hungary's Prime Minister Viktor Orban, who has close ties to Russia, had previously vetoed issues in the EU in response to his government's restricted access to EU funds. The deal provides Ukraine with a sense of security and long-term funding, with the first tranche expected in March. The EU's funding is especially significant given the challenges surrounding US aid to Ukraine due to internal political disputes and the upcoming presidential election.