Naira falling because Nigeria isn’t productive -Moghalu 

A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, says that the naira is not appreciating because Nigeria is not a productive economy.

Moghalu said this in Abuja on Friday while announcing his defection to the African Democratic Congress, the party on whose platform he is expected to contest the 2023 presidential election.

He added that the only thing Nigeria exports is crude oil but the price is not determined by Nigeria, hence the nation’s volatile economy.

The former CBN deputy governor said, “We want to determine the exchange rate but we are not producing or exporting anything other than crude oil. The reason naira’s value to the dollar is what it is, is because Nigeria is not a productive economy.

“The number one thing that determines the value of any currency is how productive its economy is and export-oriented because when you export a diversified range of value added products, you’re earning foreign exchange in different ways.

“But if you are a one-trick pony, you depend on one commodity and you don’t control the price of that commodity, when the price sneezes, you catch pneumonia or you catch COVID. So, this is why we are suffering concerning the naira. It is also a demand and supply issue and also about inflation. So, when a country is experiencing inflation, it affects its exchange rate negatively.”

On the current state of insecurity in Anambra State which holds its governorship election next month, Moghalu said the crisis was manufactured and was being fuelled by selfish interests.

He said the deployment of soldiers in the state was unfortunate but was evidence that the police were too weak to restore order.

The Presidential hopeful, however, added that restoring peace in the state was the most important thing for now.

UK invites 10,500 truck drivers, poultry workers for short term visa

The United Kingdom (UK) says it will grant 10,500 short-term work visas to foreign truck drivers and poultry workers until Christmas 2021.

According to a statement issued by the Department for Transport over the weekend, 5,000 heavy goods vehicle (HGV) drivers will be able to come to work in the UK for 3 months in the run-up to Christmas to provide “short-term relief for the haulage industry”.

Some 5,500 poultry workers will also be added to the visa scheme to “avoid any potential further pressures on the food industry during this exceptional period.

The UK government said recruitment for additional short-term truck drivers and poultry workers will begin in October with visas valid until December 24, Christmas eve.

According to reports, the shortage of truck drivers in the UK has been exacerbated by the pandemic, an ageing workforce, poor working conditions, and post-Brexit immigration policy.

Grant Shapps, UK transport secretary, said the visa scheme would ease the effect of the COVID-19 pandemic on the country’s haulage and food industry.

“This package of measures builds on the important work we have already done to ease this global crisis in the UK, and this government continues to do everything we can to help the haulage and food industries contend with the HGV (heavy goods vehicle) driver shortage,” Shapps said.

“We are acting now, but the industries must also play their part with working conditions continuing to improve, and the deserved salary increases continuing to be maintained for companies to retain new drivers.

“After a very difficult 18 months, I know how important this Christmas is for all of us and that’s why we’re taking these steps at the earliest opportunity to ensure preparations remain on track.”