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Egypt Devalues Currency Amid Interest Rate Hike to Tackle Economic Challenges

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Egypt has devalued its currency for the fourth time since early 2022, marking a significant move following a substantial interest rate hike by the central bank aimed at addressing economic pressures.

The Egyptian pound plummeted approximately 26.5% to a historic low of 42 per dollar, a stark contrast to its trading level of around 30.9 over the past year. The central bank’s decision to raise rates at an unscheduled meeting, coupled with the announcement of allowing the market to determine the exchange rate, triggered the currency devaluation.

The key rate was raised by 600 basis points to 27.25%, as reported by Gulf News. The central bank emphasized the importance of unifying the nation’s exchange rates, recognizing it as crucial amidst the current economic landscape.

Authorities are striving to alleviate a severe shortage of hard currency and secure a new multi-billion-dollar loan from the International Monetary Fund (IMF). The devaluation aligns the pound’s value more closely with rates observed in the local black market, where it traded at approximately 45.

The IMF has been advocating for Egypt to implement tighter monetary policies to combat inflation, which has surged to nearly 30%. Additionally, adopting a more flexible official exchange rate has been recommended by the IMF as part of broader economic reforms.

In response to the economic challenges, the Monetary Policy Committee announced its decision to expedite the monetary tightening process.

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Abuja Reports

Palm Sunday: Pope condemns war, urges peace as Kaigama, CAN call for hope in Nigeria

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By Samson Adeyanju

Pope Leo XIV has declared that God rejects the prayers of leaders who wage war, as Christians across the world marked Palm Sunday with renewed calls for peace and reflection.

Speaking at St. Peter’s Square in the Vatican before thousands of worshippers, the Pope delivered a strong message against violence, insisting that Jesus Christ, the “King of Peace,” cannot be used to justify war under any circumstance.

He warned that God does not listen to those whose actions are marked by bloodshed, in remarks widely seen as a reaction to the ongoing Iran war.

The pontiff, who has repeatedly called for a ceasefire, described military airstrikes as indiscriminate and urged global leaders to embrace dialogue over conflict.

Similarly, in Abuja, Ignatius Kaigama called on Christians to embrace sacrifice and hope, stressing that true victory comes through suffering.

Delivering his Palm Sunday homily at Our Lady Queen of Nigeria Pro-Cathedral, Kaigama explained that while Palm Sunday celebrates Christ’s triumphant entry into Jerusalem, it also ushers in His passion and suffering.

He noted that the waving of palms symbolizes victory, peace and unity, while Christ’s humble entry on a donkey reflects a kingdom built not on violence or domination, but on peace and service.

The Archbishop warned that human loyalty can be fleeting, recalling how cries of “Hosanna” quickly turned to “crucify him.”

Kaigama also urged political leaders to govern with fairness and empathy, stressing that power should be used for service rather than oppression. He called for credible elections, justice, and equitable distribution of resources, warning against actions that could undermine public trust.

In the same vein, the Christian Association of Nigeria, in a statement signed by its President, Daniel Okoh, urged Nigerian leaders to show empathy and take deliberate steps to ease the burden on citizens amid rising economic hardship.

The association linked current economic challenges to global tensions involving Iran, Israel and the United States, noting that rising fuel, transport and food costs are already impacting Nigerians. It emphasized that leadership must inspire confidence through calm, responsible actions that promote stability and unity.

CAN further encouraged Nigerians not to lose hope, urging citizens to remain steadfast and supportive of one another during the Holy Week.

Across both global and local messages, a common theme emerged: a call for peace, humility, and responsible leadership. As Christians begin the Holy Week journey, religious leaders insist that faith must inspire unity and compassion in a world increasingly marked by conflict and uncertainty.

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Defence and Security

Pope Expresses Concern, Condemns Deadly Attacks in Nigeria, Calls for Protection 

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By Ade Iyamoye 

Pope Leo XIV has expressed sorrow over the latest wave of deadly attacks in Nigeria, which he said has resulted in heavy loss of lives across several communities.

The Pope made the appeal on Sunday after the Angelus prayer, where he also called for prayers for the country and urged Nigerian authorities to act decisively to protect citizens.

“It is with sorrow and concern that I learned of the recent attacks against various communities in Nigeria leading to a heavy loss of life,” the Pope said. “I express my prayerful closeness to all the victims of violence and terrorism.”

He added that he hoped “the competent Authorities will continue to work with determination to ensure the safety and protection of the life of every citizen.”

Reports said at least 160 people were killed on February 3 in Woro village in Nigeria’s central-west region.

In Kaduna State, security sources also reported a fresh round of attacks over the past three days, during which six people were killed and at least 51 abducted in four villages in the southern part of the state.

The attacks reportedly affected a predominantly Christian area where more than 180 people were abducted in January, before being released in recent days.

The Catholic Archdiocese of Kafanchan confirmed that armed men abducted 11 persons, including a Catholic priest, Rev. Fr. Nathaniel Asuwaye, the parish priest of Holy Trinity Church, Karku, in Kajuru Local Government Area.

The archdiocese said the attack occurred around 3 a.m. on Saturday at the priest’s residence and also led to the death of three persons.

The Pope’s remarks come amid renewed concerns over insecurity in Nigeria, including attacks linked to jihadist groups such as Boko Haram and raids by armed gangs.

In response, the Federal Government has deployed an army battalion to the Kaiama district on the orders of President Bola Ahmed Tinubu.

During the Angelus, Pope Leo XIV also prayed for victims of human trafficking and for those affected by floods and landslides in parts of Spain, Morocco, Portugal and Sicily.

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Defence and Security

Turkey, Nigeria Sign Defence Cooperation Agreement in Ankara

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By Huldah Shado

Turkey and Nigeria have signed a defence cooperation agreement to strengthen military and security ties between both countries.

The pact was signed on Tuesday in Ankara, with Nigeria’s Chief of Defence Staff, General Christopher Gwabin Musa, representing the Federal Government.

The agreement covers collaboration in military training, defence technology, intelligence sharing, capacity building and counterterrorism, aimed at tackling transnational security threats.

General Musa described the agreement as timely, noting that it would support Nigeria’s efforts to modernise its Armed Forces and enhance operational effectiveness through strategic partnerships.

Turkish defence officials described Nigeria as a key African partner and said the pact would deepen bilateral relations and expand defence cooperation.

The agreement forms part of Nigeria’s wider engagement with international partners to address insurgency, banditry and organised crime, with implementation expected to begin in the coming months.

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