Emmanuel Abara Benson

By March 2024, 94% of Nigeria's currency in circulation, worth N3.63 trillion, was held outside banks. The Central Bank of Nigeria has acknowledged the issue, citing high volume withdrawals and panic withdrawals by customers.

Fitch Ratings estimates 30% of Nigeria's external reserves are FX bank swaps, amid opaque entries and declining reserves. The naira has weakened, trading at N1,402.67 in the NAFEM market, despite CBN directives to stabilize the currency.

OPEC and allies likely to keep oil production unchanged for three more months due to current market conditions. The decision will be made at the June 1 meeting, with inventories and prices near long-term averages.

Archer Aviation, an eVTOL startup, forms partnerships with Stellantis and United Airlines, securing conditional orders of up to $1 billion. The company is developing a manufacturing facility and preparing for FAA certification, with plans to launch electric air taxi services in several US cities.

Reader's Digest UK has ceased publication after 86 years, with its last print issue dated May 2024 and final website story published on April 24, 2024. The magazine's closure is due to declining circulation numbers and increased competition from digital media.

UC Berkeley Chancellor Carol Christ addresses ongoing campus protests, ensuring peaceful demonstrations and minimizing disruptions. Pro-Palestine protesters have set up an encampment at Sproul Hall, calling on the university to divest from companies involved in Israeli attacks on Gaza.

Air France KLM suspends hundreds of flights to Tel Aviv, Lebanon, and Jordan due to weak demand following the October 2023 Israel-Gaza crisis. The airline redeployed capacity to North Africa, maintaining its forecast for low-cost unit Transavia despite revenue growth and net loss in Q1 2024.

Openreach is replacing traditional copper-based phone and broadband services with digital services over full-fibre connections in 84 new exchange locations across the UK. The company aims to have its full-fibre network available to 25 million premises by December 2026.

Russian forces seized a US-made M1A1 Abrams tank near Berdychi, Ukraine, after immobilizing it with a Lancet drone and hitting it with an anti-tank missile. The captured tank will be exhibited in Moscow, showcasing Russia's military capabilities.

Cyberattacks on the financial sector have more than doubled since the COVID-19 pandemic, with extreme losses quadrupling to $2.5 billion since 2017. Financial firms are now the target of one-fifth of all cyberattacks, with 60 US credit unions affected by a ransomware attack in 2023.