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10 Things To Know About Prince Philip, The Late Duke of Edinburgh

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10 Things To Know About Prince Philip, The Late Duke of Edinburgh
Prince Philip, The Duke of Edinburgh

Prince Philip, the lifelong companion of Queen Elizabeth II and the longest-serving consort in British history, passed away yesterday (Friday, April 9, 2021).

He died at the age of 99, two months before turning 100.

As many Britons and others around the world woke today (Saturday, April 10) to a sense of sadness, Newsrand presents below 10 things you should know about the deceased:

READ ALSO: 10 Things Prince Harry and Megan Markle Discussed With Oprah

  1. He was born in Greece, into the Greek and Danish royal families of Prince Andrew and Princess Alice of Battenberg, being their only son, on the 10th of June 1921.

    Princess Alice of Battenberg and Prince Andrew of Greek and Danish.

  2. He was just eighteen months old when his family was exiled from the country (Greece).
  3. He first met his wife, The Queen of England in the year 1934 (At the time she was a Princess aged 8 years) at the wedding of The Duke of Kent and Princess Marina of Greece.
  4. In July of 1939, he joined the British Royal Navy at the age of 18 and served with distinction in the Mediterranean and Pacific Fleets during the Second World War.

    Prince Philip in the British Royal Navy.

  5. In 1947, he was granted the style His Royal Highness and created Duke of Edinburgh, Earl of Merioneth, and Baron Greenwich by King George VI.
  6. He got married to Queen Elizabeth II, on the 20th of November 1947.

    Queen Elizabeth and Prince Philip (1947) on their wedding day.

  7. in 1952 when Elizabeth was made the Queen of England, Prince Philip left the military service having attained the rank of commander.
  8. Aside from being an English Man, Prince Philip is also very fluent in French as he stayed seven years with his uncle in France.
  9. Prince Philip is the longest-serving Consort in British history, over seven decades.                                                                                                                                       
  10. He and his wife together had Four Children, eight grandchildren, and ten great-grandchildren.

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Features

Ending Unending Depreciation Of Naira Via Local Production

Kadiri Abdulrahman

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Ending Unending Depreciation Of Naira Via Local Production

Nigerians are bothered by the unending depreciation of their legal tender, the Naira. The currency exchanged at N197 to a dollar in June 2015, but now exchanges at above N400.

The Central Bank of Nigeria (CBN), recently devalued the Naira by seven percent against the dollar, in a bid to migrate towards a single exchange rate system for the local currency.

The apex bank replaced the fixed rate of 379 Naira to a dollar used for official transactions with the investors and exporters (I&E) exchange rate, also known as the  Nigerian Autonomous Foreign Exchange (NAFEX) rate of 410.25 Naira per dollar.

READ ALSO: What’s The Big Deal About Cryptocurrency?

CBN Governor, Godwin Emefiele, said that the move was informed by the apex bank’s quest for sanity in the forex market.

“We found out that we were no longer dealing in this so-called CBN official rate for transactions, we are still running a managed-float.

“We are monitoring the market and seeing what is happening for us to ensure that the right things are happening for the good of the Nigerian economy,” he said.

Findings revealed that Bureau De Change (BDC) operators got the dollar from the CBN at N393 but sold it for N494.

Experts blame preference for unnecessary importation of goods and services by Nigerians and the deficit in local production and manufacturing of essential goods and services as reasons for the weak currency.

Mr. Laoye Jaiyeola, Chief Executive Officer of the Nigeria Economic Summit Group (NESG) advised the government to encourage consumption of locally manufactured goods and services in order to reduce pressure on the Naira.

“The reason we all care about the value of the Naira to the dollar is that we need to import.

“If we can access good medical facilities at home, good education, and we do not import petrol, we will not care about the value of the dollar.

“If we produce what we consume and consume what we produce, the value of the Naira will stabilize,” he said.

The Federal Government in 2015 took steps to ease pressure on the Naira by restricting items that could be imported into the country, and for which foreign exchange could be officially accessed.

The CBN also banned importers of 41 products from accessing the foreign exchange market.

Under the policy, the CBN would not grant foreign exchange to import the 41 products, mostly consumer or intermediate products.

Though the policy resulted in plummeting exchange rate of the Naira, the CBN Governor, Mr. Godwin Emefiele, insisted that the objective of the policy was to tackle the problem of import dependency and to diversify the economy.

According to him, the intervention would help to resuscitate local manufacturing and change the structure of the economy.

In spite of this and other similar policies, the Naira continued to depreciate.

Stakeholders have identified several factors militating against the stability and strengthening of the Naira at the foreign exchange market.

They explained that whenever the authorities introduced a dual exchange rate regime, some people would take advantage of the usually wide gap between the two rates to round-trip by buying from the official market at a lower rate and then sell at the autonomous market at a higher rate.

According to them, having the right exchange rate was the only way of keeping the nation out of debt burden. They also stressed the need for Nigerians to import what cannot be produced in the country.

A former Deputy Governor of the CBN, Mr. Ernest Ebi, explained that exchange rate management in the country was determined within the framework of the overall macro-economic policy objectives.

“The exchange rate of the domestic currency was deliberately over-valued to make imports cheaper,” he said.

He explained that this policy regime was sustained by the huge foreign exchange inflow arising from the oil boom in the mid-1970s up to the 1980s.

Former Minister of Finance, Chief Olu Falae, who spoke on the issue, blamed the depreciation of the Naira against other international currencies on the weak economic base of the country.

Falae said for the Naira to appreciate, there was the need to expand the productive capacity in order to produce more goods and even generate more jobs.

He stressed the need for a reduction in imports so that the country would spend fewer dollars on importation.

Falae also said that it had become imperative for the nation to rekindle interest in agriculture and industrial production.

“We are not producing at home. That is the point. Because we are not producing, we have to import a lot of things and this will put pressure on the Naira,” he said.

As the nation’s currency continues to depreciate, Nigerians continue to express worry that the Naira, which some years ago, was at par with the dollar had become so weak and vulnerable.

They see the value of the Naira against the dollar and other foreign currencies as indicative of the shape of the Nigerian economy.

According to Nigerian veteran musician and social commentator, Femi Kuti, the unending depreciation of the Nigerian currency is an indication of how the country’s economic problems have multiplied over the years.

“Some years ago, one dollar was exchanged for one Naira.  But now it is about N400 to one dollar, this means that Nigeria’s problems have multiplied by over 400 times,” he said.

Unarguably, for the Naira to gain some value and become stable, the government must put policies in place to accelerate economic diversification, be stricter in cutting consumption of imported goods and services and invest heavily in the real sector of the economy.

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Buhari Suspends Twitter Operations In Nigeria

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Buhari Suspends Twitter Operations In Nigeria

President Muhammadu Buhari has suspended, indefinitely, the operations of microblogging and social networking service, Twitter, in Nigeria.

More details later…

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Features

Difference between FDA and EUA Vaccine Approval

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Coronavirus

The coronavirus pandemic has seen the rollout of a different vaccines to help curtail the spread of the deadly virus, however a lot of people aren’t aware of the hurdles that the vaccine making companies have to pass through to get an approval. In Nigeria, thousands of people have started taking shots of the vaccine in hopes that they can be immune from the virus.

This article explains how the use of a vaccine comes about in the first place.

Meaning of USA FDA Vaccine Approval

Firstly, let us understand what the FDA is responsible for. The United States Food and Drug Administration (FDA or USFDA) is a federal agency of the Department of Health and Human Services. The FDA is responsible for protecting and promoting public health through the control and supervision of food safetytobacco products, dietary supplementsprescription and over-the-counter pharmaceutical drugs (medications), vaccinesbiopharmaceuticalsblood transfusionsmedical deviceselectromagnetic radiation emitting devices (ERED), cosmetics, animal foods & feed[4] and veterinary products.

Before the FDA approves any company’s vaccine, it must determine that the clinical data and other information show that the vaccine is safe and effective for its intended use (i.e to prevent or treat certain diseases) and that the product can be made according to federal quality standards.

Meaning of an Emergency Use Authorization (EUA) Approval

An EUA approval is one of the tools the FDA uses to help make certain medical products available quickly during the COVID-19 pandemic. In certain emergency situations, the FDA can issue an EUA to provide access to medical products that may be potentially used when there are no adequate, approved, and available options.

The EUA process is quite different from an FDA approval or clearance. Under an EUA, in an emergency, the FDA makes a product available to the public based on the available evidence, without waiting for all the evidence that would be needed for FDA approval or clearance.

More importantly, the risks and benefits of the emergency approval is weighed based on available current data.

By Segun Olarinmoye

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