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Spain train collision kills at least 30, amid suspected signalling failure

Spanish authorities are investigating a possible signalling failure after a collision between two high-speed trains in Toledo province on Wednesday, which killed at least 30 people and left more than 80 others injured.

The crash occurred near Urda, about 150 kilometres south of Madrid, between a Renfe AVE train travelling from Madrid to Seville and an Iryo train heading in the opposite direction.

Initial reports in the Spanish media suggested a railway control error may have contributed to the collision. However, investigators have not yet established the exact cause of the crash.

The impact caused several carriages to derail, injuring dozens of passengers and prompting an emergency response involving rescue workers and medical teams.

Railway operator Adif suspended high-speed services between Madrid and Andalusia following the accident, disrupting journeys along the route.

Investigators are still determining the circumstances surrounding the collision.

NMP invests P261M to upgrade seafarer training facilities in Tacloban

Filipino seafarers training in Eastern Visayas are expected to benefit from improved accommodation and upgraded safety training facilities as the National Maritime Polytechnic (NMP) rolls out P261 million worth of infrastructure projects at its Tacloban complex.

The projects, unveiled on Tuesday, Oct. 27, form part of the government agency’s modernization efforts to strengthen maritime education and training and help Filipino seafarers meet the changing requirements of the global shipping industry.

The NMP broke ground for a P109-million ratings’ dormitory and presented five other projects at its main office and training complex in Barangay Cabalawan.

These include the P89.9-million rehabilitation of the officers’ dormitory, P32.1-million construction of a training pool, P19.8-million firefighting area with a mock-up firehouse, P7.7-million road network improvement, and P3-million parking area.

Department of Migrant Workers (DMW) Undersecretary Bernard Olalia, representing Secretary Hans Leo Cacdac, led the ceremony with Assistant Secretary Augusto San Diego, who handles sea-based overseas Filipino worker concerns.

NMP Executive Director Victor Del Rosario said the upgraded facilities would provide trainees with safer and more comfortable accommodations while improving their access to practical training in maritime survival, firefighting and other essential safety skills.

‘Improved roads, parking areas, and upgraded training facilities will make our campus safer, more accessible, and better equipped to serve,’ Del Rosario said.

Olalia said the investments were timely, noting that the NMP had received substantial infrastructure support under the present administration as the maritime industry undergoes rapid changes.

Established in 1978, the NMP is a government maritime training and research institution based in Tacloban City. It provides specialized training and conducts research to help improve the competence and employability of Filipino seafarers in the international maritime industry.

The infrastructure projects support Republic Act No. 12021, or the Magna Carta of Filipino Seafarers, signed into law by President Ferdinand Marcos Jr. in 2024. The law provides a framework for protecting seafarers’ rights and promoting quality maritime education, training and skills development.

Justify your salary increase, GOC 1 division charges troops

General Officer Commanding (GOC) 1 Division, Nigerian Army, and Commander Sector 1 Operation FANSAN YAMMA, Major General Abubakar Sadique Muhammad Wase, has charged troops to justify the Federal Government’s recent pay rise by demonstrating higher levels of professionalism and commitment in the discharge of their duties.

This was contained in a statement issued by Colonel Abubakar Abdullahi, Deputy Director, Army Public Relations, 1 Division, Nigerian Army, and made available to newsmen in Kaduna.

He gave this charge while addressing troops of the 171 Battalion in Daura, Katsina, on Wednesday, 28 October 2026.

Reiterating the principle that ‘to whom much is given, much is expected,’ Major General Wase highlighted that the enhanced remuneration reflects the government’s appreciation for their selfless service to the nation.

He urged the troops to redouble their efforts, remain vigilant, and ensure the protection of themselves, the civilian population, and all military equipment entrusted to them.

The GOC further assured the troops that the Division remains fully committed to addressing their administrative and logistical needs to enhance operational efficiency. He emphasized that continuous improvements are being made to ensure that troops in the field are adequately supported to execute their tasks effectively.

Major General Wase addressed members of the Nigerian Army Soldiers’ Wives Association, describing them as the indispensable pillars of the home front.

He commended their endurance and urged them to remain steadfast in supporting and comforting their husbands, noting that a stable home environment directly enhances troops’ morale and operational performance. Suspect confesses to multiple abductions in Kwara

Estrada to personally attend plunder bail hearing as Bernardo testifies

For the first time, Sen. Jinggoy Estrada will personally attend Wednesday afternoon’s bail hearing in his plunder case before the Sandiganbayan Fifth Division, according to his office.

Previously, Estrada attended hearings on his bail plea in the case via videoconference. The case stemmed from alleged kickbacks that special prosecutors said were included in the 2025 budget, which involved P573 million.

The senator’s physical presence at the hearing comes as state witness and former DPWH Undersecretary Roberto Bernardo is scheduled to testify against him.

On Tuesday, former DPWH chief Manuel Bonoan said Bernardo told him that Estrada had allegedly requested a P1-billion allocation from the ‘leadership fund.’

The leadership fund came into existence in the 2025 budget to address the budget cuts made by the Congress in the DPWH’s priority projects like flood control projects, national roads, and basic rural infrastructure, according to Bonoan.

Bonoan said he has ‘observed’ the closeness of Bernardo and Estrada.

Furthermore, the witness noted that the senator’s father, former Manila mayor Joseph Ejercito Estrada, had requested if Bernardo could be the officer-in-charge of the city engineering office on secondment status.

Also, Bonoan said Estrada has over P7 billion in ‘congressional initiatives’ in the 2025 budget.

Estrada denied Bonoan’s claims in the latter’s testimony.

‘Senator Estrada has been consistent in refuting such claims, and the official records of the Senate, particularly those of the Legislative Budget Research and Monitoring Office (LBRMO), will attest to this,’ the senator’s legal team said in a statement.

‘The LBRMO, in a letter submitted to the Ombudsman last March, stated that ‘there are no legislative records or official documents indicating any official insertions or amendments made by a senator, specifically Senator Jinggoy Estrada, in the 2025 (national budget) related to the DPWH.’ Bonoan was Estrada’s co-accused in this case but the Fifth Division allowed special prosecutors to discharge him as part of the Office of the Ombudsman’s move to make him its witness.

Civil society groups reject govt push to access Ugandans’ bank accounts

A section of civil society organisations has strongly condemned the government’s renewed proposal to access Ugandans’ bank account information, warning that the move threatens financial privacy, business survival, and women’s economic empowerment.

The protest follows statements made in Parliament on October 15 by the Minister of State for Finance in charge of Planning, Mr. Amos Lugoloobi, who revealed that the government plans to press for approval to monitor individual bank accounts. Minister Lugoloobi defended the plan, stating that granting authorities access to private financial records would streamline tax administration and curb tax evasion, despite Members of Parliament having previously rejected an earlier attempt.

Addressing journalists at the Forum for Women in Democracy (FOWODE) offices in Kampala on Wednesday, October 28, activists urged the Ministry of Finance to immediately withdraw the proposal in its current form, citing an absence of legal safeguards against unrestricted state surveillance of private finances.

FOWODE Executive Director Patricia Munaabi described the initiative as a direct violation of basic rights.

‘This move is unconstitutional, economically dangerous, and a direct assault on the privacy and financial rights of every Ugandan,’ Ms. Munaabi said. ‘Any arrangement that grants public authorities broad or unrestricted access to private financial information, without clear legal limits, independent oversight, and effective safeguards, risks violating constitutional privacy protections and undermining financial security, economic activity, and public trust.’

Ms. Munaabi reminded the government that Article 27 of the 1995 Constitution guarantees every citizen the right to privacy and protects against unlawful searches of personal property. She emphasized that while collecting taxes is a legitimate public responsibility, it must not override constitutional limits.

‘Access to bank account information must be governed by clear legal authority, necessity, proportionality, due process, and effective safeguards against abuse. A bank account is private property. Access without a court order and due process is unconstitutional,’ she stated.

She further noted that the proposal contradicts Section 40 of the Financial Institutions Act, 2004, which strictly mandates customer confidentiality within the banking sector. Activists fear that stripping away these protections will erode public trust in formal financial institutions, forcing citizens back into informal cash arrangements and reversing years of progress toward financial inclusion.

Joining the call, Ms. Sophie Nampewo, the Finance for Development and Economic Justice Coordinator at Oxfam, highlighted that confidential financial records are crucial for fostering a stable business environment for local and foreign investors alike. She warned that granting broad access to private financial data could expose commercially sensitive information and burden small and medium-sized enterprises (SMEs).

‘Such risks could discourage investment, constrain business growth, and weaken the private sector’s contribution to Uganda’s economic development,’ Ms. Nampewo noted, adding that women in the informal economy will bear the brunt of the policy.

‘For 60 percent of Ugandan women in the informal sector, access to a bank account is an important step towards financial inclusion and economic independence. According to the 2023 FinScope Uganda Survey, only 34 percent of women hold formal accounts. This move will therefore force them back to insecure cash savings at home, exposing them to theft and loss.’

Expressing similar fears, Mr. Baker Bahasha, Research Policy and Advocacy Officer at the Kampala City Traders Association (KACITA), cautioned that the economic strain of such administrative decisions will fall disproportionately on vulnerable traders.

‘Wealthier individuals and large businesses may have greater access to legal advice and resources to contest disputed assessments, while women operating small and informal businesses often have fewer resources to challenge administrative decisions. Without adequate safeguards, these women risk bearing a disproportionate share of the costs,’ Mr. Bahasha said.

To avert potential economic fallout, the civil society coalition presented four main demands to key government entities:

The Ministry of Finance, Planning, and Economic Development must withdraw the current draft and halt any policies seeking broad access to private banking data without adequate legal protections.

Parliament, particularly the Finance Committee and the Uganda Women Parliamentary Association (UWOPA), must maintain its earlier opposition and reject any legislation that lacks clear legal boundaries, judicial oversight, and safeguards against abuse.

The Ministry of Finance must subject any tax reform with equity implications to a rigorous gender and equity impact assessment in consultation with the Equal Opportunities Commission, as mandated by the Public Finance Management Act, 2015.

Key institutional stakeholders-including the Bank of Uganda, the Uganda Bankers Association, and the Uganda Law Society-must publicly defend bank confidentiality principles and champion enforceable protections for customer privacy.

Police nab hijab-wearing suspect, two others for kidnappings in Kwara

Police operatives have arrested three suspects allegedly linked to multiple abductions across Kwara state, including a suspect intercepted while wearing a hijab and carrying charms.

The spokesperson for Kwara Police Command, Adetoun Ejire-Adeyemi, disclosed this in a statement issued in Ilorin on Tuesday.

According to the statement, Aliyu Isiaka, the first suspect was arrested by Forest Guards operatives led by Jebrin Adam at Okolowo, Ilorin, on October 24, 2026, at about 6pm.

Isiaka, a resident of Ga’a-Kpapa village in Moro Local Government Area of the state, was intercepted while disguised in female attire and carrying a polythene bag containing assorted charms.

The police spokesperson said the suspect confessed during interrogation to being a member of a nine-man kidnapping syndicate allegedly led by a man identified as Juli, who resides at Fulani Camp, Ga’a-Kpapa, and is currently at large.

He reportedly told investigators that he was recruited into the gang in August 2026 and had participated in three kidnapping operations at Oloru, Alapa and Malete, where substantial ransom payments were allegedly collected.

The Kwara Police Command spokesperson added that a joint team of police personnel and Forest Guards subsequently raided the suspected kidnappers’ camp on October 25, leading to the arrest of two additional suspects.

He added that the arrests brought the total number of suspects apprehended in connection with the alleged kidnapping network to three.

The police spokesperson added that efforts were ongoing to track down other members of the gang.

Ejire-Adeyemi added that the suspects were undergoing further investigation and would be arraigned in court upon the conclusion of the process.

He quoted Kwara Commissioner of Police, Ojo Adekimi as describing the operation as a significant step towards dismantling kidnapping networks and restoring security in vulnerable communities across the state.

The Police Commissioner also reaffirmed the command’s commitment to intelligence-led operations, collaboration with other security agencies and intensified efforts to apprehend criminal suspects.

Panel okays N1.4b for 33 dead miners families

Prosecution of Nigeria Security and Civil Defence Corps (NSCDC) officers linked to the September 27 deaths of 33 detained ‘miners’ in the agency’s custody was among the recommendations of the Independent Presidential Investigative Committee.

The panel, chaired by former Deputy Director-General of the Department of State Services (DSS) Jonathan Kure, submitted its report yesterday to the Federal Government through Interior Minister Olubunmi Tunji-Ojo.

It also recommended the overhaul of the NSCDC leadership structure and the payment of N1.4 billion in compensation to bereaved families and survivors.

The panel blamed the deaths of the miners on suffocation caused by overcrowding of the cells where they were detained.

Presenting the Executive Summary of the committee’s report to the minister in Abuja yesterday, Kure, blamed the causes of death on ‘overcrowding, unsuitable detention condition, failure of care on duty, and inadequate supervision’, amongst others.

Recommending an overhaul of the NSCDC leadership under the watch of its Commandant-General, Ahmed Audi, the Kure-panel noted that the leadership could not be exonerated from the lapses.

The committee recommended a comprehensive restructuring of the NSCDC’s leadership and reforms in recruitment, deployment, training, supervision, intelligence gathering and accountability.

According to the Kure, the recommendations are intended to ensure that those responsible are held accountable and prevent a recurrence of the tragedy.

Kure called for investigations by anti-corruption agencies into allegations of extortion and mismanagement of exhibits.

He said there were institutional lapses and gaps on the parts of the NSCDC personnel, who carried out the operations that led to the fatalities.

The committee reports partly reads: ‘The committee concluded that the incident was a preventable custodial tragedy caused by severe overcrowding, unlawful and unsuitable detention conditions, failure of duty of care, disregard of repeated distress warnings, inadequate supervision, and wider systemic deficiencies.

‘The evidence did not support claims that the death resulted from a disease outbreak. Available medical and forensic evidence instead indicated that the fatalities resulted from an environmental aphasia, an acute respiratory failure caused by prolonged confinement in a severely overcrowded and poorly ventilated detention cell, aggravated by heat stress and dehydration.

‘Evidence from multiple independent sources were analysed and cross-checked to reconstruct events and determine responsibility. The committee established that the tragedy stemmed from enforcement operations against suspected illegal mining activities in and around Minna.’

According to the committee, there was no evidence that the operation which led to the arrest of the suspects got an ‘operational order’ or approval from the national headquarters of the NSCDC.

‘The investigation identified serious failures by senior officers, including the state commandant over the operation, detention conditions, supervision and response to repeated distress calls,’ the panel said in the report.

Dr. Tunji-Ojo traced the committee’s establishment to President Bola Ahmed Tinubu’s insistence on a thorough investigation because of the importance of the lives of all Nigerians irrespective of status and other considerations.

He said the composition of the committee demonstrated that government had no intention to hide anything or sweep the matter under the carpet.

The minister, who assured that nothing will be swept under the carpet after the report, said that the era of setting up committee to just reduce tension was over.

Tunji-Ojo ordered the suspension of all officers and men involved in the clearing of the crime scene before the arrival of the investigative panel.

He said: ‘Those officers that intended to destroy and disrupt evidence must be suspended while internally we will investigate and carry out other disciplinary actions.’

The minister promised to forward the report to the Attorney-General of the Federation and Minister of Justice for further action.

He assured of well-implemented reforms, emphasising that the report showed a detailed job.

‘For us, leadership is not tested when things are right, but response when things are not going right,’ he said.

He promised families of the deceased that the federal government would ensure justice was served.

‘These are vulnerable people that must be protected and the best gift to give to the deceased is justice which must be done,’ he said.

The victims were among dozens of people arrested during operations against suspected illegal mining in the M.I. Wushishi and Lukoto areas of Niger State on September 15 and 16.

Their deaths in custody of the NSCDC elicited public outrage and raised serious questions about detention conditions, the treatment of suspects in security agencies’ custody and the circumstances surrounding the mass deaths.

The Federal Government raised a 10-member independent probe panel on President Tinubu’s directive to establish the cause of the deaths and determine whether negligence, misconduct or other wrongdoing contributed to the incident.

The committee was also mandated to investigate the circumstances surrounding the victims’ arrest and detention and recommend appropriate disciplinary measures, compensation where applicable, and safeguards against a recurrence.

The Niger Command of the NSCDC initially blamed their death on suspected disease outbreak, assuring that medical examinations would determine the actual cause.

In its initial account, the command said the suspects had been arrested during operations against illegal mining and that the bodies were deposited at the General Hospital in Minna for examination.

NDC alleges political intimidation, demands probe of violence in Edo

The Nigeria Democratic Congress (NDC), Edo State chapter, has condemned what it described as systematic intimidation, harassment and violence against its members and supporters, allegedly involving persons associated with the ruling All Progressives Congress (APC).

The party stated its position at a press briefing in Benin City on Tuesday, 28th October, 2026, addressed by the Edo State Director-General of the Obi/Kwankwaso Campaign Organization, Mr. John Yakubu.

Yakubu said over the past six weeks, the party has received reports of unlawful arrests, threats, disruption of meetings, attacks on campaign premises and destruction of political materials across the three senatorial districts of the state.

‘Our position is unequivocal: Public office confers a duty to serve and never a licence to intimidate. Edo State belongs to its people. No party may claim exclusive possession of its institutions, public spaces or its political future,’ he said.

The NDC listed incidents it wants security agencies to investigate: including the unlawful arrest and detention of members and supporters; destruction of NDC billboards, posters and banners in Edo North, Central and South, including an incident where the NDC side of a shared billboard was defaced while the APC side was left intact; threats to traditional leaders, youth groups and market associations to dissuade them from associating with the opposition; denial of access to public venues for legitimate political activities; alleged gunfire directed at members of the African Democratic Congress, ADC, during a gathering in Igueben, which reportedly left some members seriously injured, and others.

Yakubu said while the reports differ in particulars, they raise a common question of whether citizens can exercise political choices without fear of punishment.

He added that no amount of intimidation will stop the party from exercising its constitutional rights to freedom of association, expression and assembly.

The party also called for investigation into a statement credited to the APC State Chairman, Mr. Jarrett Tenebe, concerning the alleged use of AK-47 rifles against opposition members said to be obstructing the APC during the 2027 elections.

‘The authorities must establish precisely what was said, its context and whether an offence has been committed. If substantiated, any threat of armed violence warrants a response commensurate with its gravity,’ Yakubu said.

‘Elections are a contest of public confidence. Political opponents are fellow citizens. Firearms have no legitimate place in settling electoral disagreements,’ he added.

The NDC demanded that the police and other security agencies demonstrate allegiance to the Constitution and not to any political party, and give impartial attention to all credible complaints.

It also asked Governor Monday Okpebholo to affirm the right of every political party to organize peacefully, stressing that allegations involving public office holders require scrutiny, not silence.

Yakubu said the NDC will pursue every lawful avenue to protect its members and secure accountability, urging members to remain calm, disciplined and peaceful, document incidents and report threats through appropriate channels.

‘Political authority is held in trust. It is neither private property nor immunity from scrutiny. Edo belongs to all its citizens. No party stands above the law,’ he said.

Also speaking, the South-South spokesman of the campaign organization of the party, Prof Isaiah Osifo, accused the administration of Governor Monday Okpebholo of superintending over alleged political intolerance, saying the current government has failed to guarantee a peaceful environment for opposition parties unlike previous administrations.

He said it was easy to identify a responsible government from an irresponsible one by how it treats opposition candidates.

According to him, when Monday Okpebholo contested for the Senate for Edo Central Senatorial District, he did so as an opposition candidate when another party was in control of the state, yet throughout his campaigns nobody attacked his supporters, tampered with his banners and posters, or vandalized his office.

‘The difference between that time and this time is that at that time there was a semblance of a responsible government, but in his time it is obvious that the government is irresponsible and he should be worried about that,’ he said.

‘If you have benefited from a peaceful environment that was supported by an incumbent government when you contested as an opposition party candidate, it is incumbent on him that morally it is wrong now that you are governor, opponents or candidates from other parties cannot peacefully contest. So it’s an indictment on his person, it’s an indictment on his government.’

In his second example, he recalled that when Comrade Adams Oshiomhole contested for the governorship of Edo State as an opposition candidate, nobody attacked his posters, banners or office.

‘In fact he was so free that then he used to have bike riders in Benin, he was parading the whole city with bike riders, nobody attacked them,’ he said.

He therefore called on Senator Oshiomhole to speak up against the violence in Edo State.

‘I therefore use this opportunity to call on Senator Adams Oshiomhole to speak up against this violence in Edo State because you have enjoyed freedom that was offered by a responsible government.

So as a leader, as a senator, as a former national chairman of the ruling party, it is incumbent on him to defend his integrity.

Failure to speak is an indictment on him and of course the people of Edo should know that such a man has no capacity on moral grounds to ask to be elected back to the Senate,’ he said.

All efforts to get response from the APC Publicity Secretary, Peter Uwadiae-Igbinigie, was unsuccessful as repeated calls to his mobile line failed to connect as the time of filing this report

Nigeria’s portfolio investment inflows rise 17.6% to $7.09bn in Q2

Nigeria’s portfolio investment inflows rose by 17.6 per cent to $7.09 billion in the second quarter of 2026, up from $6.03 billion in the preceding quarter, according to the Central Bank of Nigeria (CBN).

The increase of $1.06 billion was driven by higher inflows into long-term general government debt securities, the CBN said in its Q2 2026 Economic Report published on Monday.

The report showed that portfolio investment remained the largest component of new financial liabilities recorded during the quarter, significantly exceeding direct investment liabilities.

Portfolio investment inflows increased by 17.6 per cent between January and March and April and June, while direct investment liabilities rose by 11.7 per cent to $1.15 billion from $1.03 billion.

The CBN attributed the increase in direct investment liabilities to higher reinvested earnings.

Other investment liabilities also increased, rising to $2.75 billion in the second quarter from $1.36 billion in the first quarter.

The growth reflected higher loan drawdowns by the government and other sectors, as well as increased currency and deposit liabilities of deposit-taking corporations.

Consequently, the net incurrence of financial liabilities rose to $10.84 billion from $8.36 billion in the preceding quarter.

Portfolio investment inflows were about six times direct investment liabilities in the second quarter. They accounted for about 65 per cent of total net financial liabilities incurred during the period, compared with roughly 72 per cent in the first quarter, as other investment liabilities recorded stronger growth.

However, the portfolio investment rose amid a decline in Nigeria’s aggregate foreign exchange inflows.

Naira recovers N14.74 after CBN interventions as reserves hit $55.26bn

The naira appreciated against the dollar in the official foreign exchange (FX) market on Tuesday, recovering N14.74 after five consecutive days of losses, as the Central Bank of Nigeria’s (CBN) interventions and strengthening external buffers supported the local currency.

Data published by the CBN showed that the naira appreciated by N14.74, or 1.09 percent, as the dollar was quoted at N1,352.87 on Tuesday, compared with N1,367.61 on Monday at the Nigerian Foreign Exchange Market (NFEM).

In the parallel market, also known as the black market, the local currency steadied at N1,382 per dollar. Consequently, the gap between the official and parallel market rates widened to 2.2 percent, or N30, from 1.09 percent, or N15, on Monday.

Activity moderated in the interbank segment of the FX market, with total turnover declining by 11.48 percent to $543.74 million on Tuesday from $614.25 million on Monday. The number of deals also fell by 1.99 percent, from 201 on Monday to 197 on Tuesday.

Although NFEM data on turnover and the number of deals for Tuesday were unavailable as of the time of reporting, total turnover at the NFEM window had declined by 61.29 percent to $1.25 billion on Monday from $3.24 billion on Friday. The number of deals also dropped by 29.56 percent, from 609 to 429 over the same period.

Meanwhile, Nigeria’s external reserves, which provide the CBN with the capacity to support the naira and meet the country’s external obligations, have maintained an upward trajectory, reaching an 18-year high of $55.26 billion as of October 26, 2026.

Data published on the CBN website showed that the reserves increased by 28.30 percent from $43.07 billion recorded on October 27, 2025, strengthening the country’s external buffer amid pressure on the foreign exchange market.

A CBN report showed that total foreign exchange inflows fell by 4.24 percent to $30.03 billion in the second quarter of this year from $31.36 billion in the first quarter, while outflows declined by 19.17 percent to $8.94 billion from $11.06 billion.

Foreign exchange inflows through the CBN fell by 20.47 percent to $8.12 billion from $10.21 billion, while inflows through autonomous sources rose by 3.59 percent to $21.91 billion from $21.15 billion.

Consequently, autonomous sources recorded a net inflow of $17.74 billion, compared with $17.53 billion in the first quarter. The CBN’s net inflow also increased to $3.35 billion from $2.77 billion.

Meanwhile, average turnover at the Nigerian Foreign Exchange Market declined by 7.56 percent to $530.42 million from $573.81 million in the preceding quarter.

The average exchange rate of the naira strengthened to N1,365.95 per dollar in the second quarter from N1,384.48 in the first quarter, representing a 1.36 percent appreciation during the review period.

The performance of other emerging-market currencies was mixed during the quarter. The Chinese renminbi and Russian ruble appreciated by 1.74 percent and 5.33 percent, respectively, supported by export earnings and other market factors.

In contrast, the South African rand depreciated by 0.79 percent amid global risk aversion linked to uncertainty in the Middle East and domestic concerns over anti-immigration demonstrations.