Thursday, March 16, 2023

Inflation in Nigeria quickened in February

Nigeria's inflation picked up again in February, hitting 21.91% in annual terms from 21.82% in January, the statistics agency said on Wednesday.

Inflation rose in Africa's biggest economy for 10 straight months last year, prompting a string of interest rate hikes from the central bank. The pace of price increases dipped in December but started to rise again in January.

Food inflation, which accounts for the bulk of Nigeria's inflation basket, rose to 24.35% in February from 24.32% in January.

High inflation, weak economic growth and mounting insecurity were major issues at last month's election, where the ruling party's candidate won in a poll marred by low voter turnout, logistical failures and disruption to voting in some places.

"The rise in food inflation was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam ... fish, fruits, meat, vegetable and food products," the National Bureau of Statistics said in its inflation report.

Policymakers have linked inflationary pressures to Nigeria's infrastructure problems and the fact that a lot of items people consume are imported.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the bank will maintain a hawkish stance on rates if inflation remains elevated. The bank holds a monetary policy meeting next Tuesday.

The CBN hiked its key interest rate to 17.5% in January, meaning there have been 600 basis points of rate hikes since last May.

By Chijioke Ohuocha, Reuters



Tuesday, March 14, 2023

Video - Flying Eagles of Nigeria shift focus to Under-20 World Cup



Nigeria's Flying Eagles won bronze at the CAF Under-20 AFCON in Egypt having fallen in their bid to secure a record-extending eighth title when they lost 1-nil to Gambia in the semis. However, their 4-nil rout of Tunisia in the third-placed play-off in Cairo on Friday night gives the team a platform to do well at the Under-20 World Cup in Indonesia, later this year.

CGTN

Central Bank of Nigeria says old naira notes still legal tender

Nigeria’s central bank will allow old bank notes to continue as legal tender until the end of the year to comply with a court order earlier this month, according to a statement late on Monday, raising hopes this would ease acute cash shortages in the economy.

On March 3, the Supreme Court ordered the Central Bank of Nigeria (CBN) to extend the use of old 1,000 ($2.17), 500, and 200 naira notes until December 31. The initial withdrawal of the notes from circulation became an election issue after causing widespread hardship and anger.

CBN said it was complying with the law and that the old notes would circulate with new ones of equivalent value. Earlier, on Monday evening, a statement from the Nigerian presidency said President Muhammadu Buhari did not urge the CBN not to obey the court order.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” it said.

In a country where most people rely on cash for everything from buying food from markets to taxi fares, the shortages of naira notes have riled citizens, a few of whom have attacked banks and burned cash-dispensing machines.

By Camillus Eboh, Reuters

Related stories: Nigeria should consider extending banknote swap deadline according to IMF

Video - Nigerian banks face a shortage of new naira notes

 

 

Monday, March 13, 2023

Gunmen kill 17 in Northern Nigeria

The death toll in the Saturday's attack and reprisal attack has risen to about 17 including a Police officer in communities of Zangon-Kataf in the southern part of Kaduna State.

LEADERSHIP earlier reported that about 10 corpses were discovered following the incident.

Trouble started in the area on Thursday last week when a young herder was tied to a tree and macheted to death by some locals around Ungwan Juju, LEADERSHIP gathered.

It was further gathered that the situation became compounded between Saturday morning and afternoon when a misunderstanding ensued between security operatives and some Fulani men at a checkpoint in Ungwan Wakili, which led to a Fulani man and a Policeman being shot at the checkpoint.

Also, later that evening, a group of youths, who went fishing, were attacked and one of them was said to have been macheted to death by herders in a reprisal attack.

A senior military source from the area told our Correspondent in confidence that: "On Thursday last week, one Umar Sambo (a herder) was killed while he was returning from grazing his cattle around Ungwan Juju in Zangon Kataf LGA.

"The killers tied the young herder up, matcheted him to death and hid the corpse in an unknown location. When his brother, identified as Safiyanu, could not find him, he reported to the security agents, who then launched a search operation. His body was finally discovered at Ungwan Juju."

He said the security situation, which they were making efforts to manage, became compounded Saturday evening when there was a clash between security operatives and some Fulanis at a checkpoint in Ungwan Wakili, which led to the death of a Fulani man and a Policeman.

According to him, "Ungwan Wakili village of Atyap Chiefdom in Zangon Kataf LGA was attacked by unidentified persons around 8:40pm on Saturday, in an apparent reprisal attack following the killing of the herder earlier mentioned.

"Another suspected immediate cause of the Saturday night attack was the accidental shooting of a herder by a policeman at Ungwan Wakili Junction, the burning of herders' motorcycles and the mob action which followed."

He, however, added that by the time the Troops of Operation Safe Haven mobilised to the village to repel the attack, about 16 to 17 persons were already killed, with seven persons wounded. The wounded were taken to Zonkwa General Hospital for treatment.

"Also worthy of note is that, after after a policeman accidentally shot and injured a herder and a colleague at the checkpoint at Ungwan Wakili Junction, a mob action occurred in Ungwan Wakili.

"While the police evacuated the area, a crowd of locals and herders gathered at the scene, and in the confrontation that followed, one local was killed. Two motorcycles belonging to herders were burnt, while the attack on Ungwan Wakili village occurred a few hours later," the security source explained.

Meanwhile, the local government authorities have imposed a 24-hour curfew in the affected communities to prevent further breakdown of law and order.

Leadership

Related story: 25 people killed by Islamist militants in Nigeria

Friday, March 10, 2023

Video - INEC postpones polls for state governors in Nigeria



Nigeria’s gubernatorial elections have been pushed back to March 18 instead of March 11. The country's electoral commission says the extra time will allow officials to reconfigure and deploy voting machines that were used in February's presidential and legislative elections.

CGTN

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Video - Opposition presidential candidates weigh options after election results in Nigeria