Business
High cost of rams scares Muslims as Eid-el-Kabir approaches
Less than two weeks to this year’s Eid-el-Kabir marked with the slaughtering of animals, the prices of rams have hit the rooftop.
There are indications that many may celebrate the Sallah without the traditional slaughtering of animals due to the high cost.
A survey of some of the ram markets in Lagos, Abuja and other parts of the country shows that the prices of rams, goats and cows have risen by about 100 per cent compared to what their prices last year.
The rise in prices has been attributed to scarcity of the animals due to high level of insecurity affecting the areas where they are reared as well as the displacement of those involved in the business.
A report by Daily Trust Saturday indicated that rams bought between N85,000-N90,000 last year now go for between N150,000 and 250,000, while those bought at N200,000 are now selling for between N350,000 and N400,000.
The current inflation in the country has also contributed to the hike in prices of the animals as well as other food items and commodities.
For instance, at Maigatari International Market, a border area in Jigawa State, dealers and buyers of rams are lamenting the astronomical increase.
They expressed fears that many worshippers won’t be able to afford rams to celebrate the festival.
A ram dealer from Lagos, Alhaji Lukman Babalola, said, “The price of ram this year is much higher, compared to the last year’s. I have been in this business for a long time now and this year appears to be different. They are telling us that it is because of the high cost of living, which has also affected the cost of feeding the animals, coupled with the fall in the value of the naira.
“A ram that we bought for between N85,000-N90,000 last year is now going for between N150,000-250,000 now, while the ones we were buying for N250,000 are going for between N350-N400,000 this year.”
Another dealer, Malam Sabi’u Yusuf, said, “The prices are high, compared to last year’s. This is as a result of the high cost of living and how we bought the rams from the Niger Republic.”
He added, “Now, we sell a ram for between N120,000 and N150,000. We even sell some rams between N500,000-N520,000.”
A member of Ram Dealers’ Association, Maigatari branch, Alhaji Mai Ungwa Adu’a, attributed the high price to the drop in the value of the naira, compared to the CFP of Niger Republic.
“Now, 200 CFP equals N1,000 if you change naira and bring goods from the Niger Republic. That is why there is an astronomical rise in prices.”
A ram seller at Old Abattoir, Garki, Abuja, Usman Yahuza, attributed the scarcity to the insecurity challenge in the North. According to him, some communities where dealers buy rams from have been under siege by the activities of bandits and kidnappers.
“I usually travel to Mai Aduwa Village in Katsina State to buy rams in large quantities. I hire vehicles to convey them to Abuja. But kidnappers and bandits attacked the community and displaced the people. This has led to scarcity and high cost of rams,” he said.
He also said, “Drivers charge between N1,500 and N2,000 per ram. A big ram which sold for N120,000 last year now sells between N200,000 and N250,000, while a medium-size ram which used to be N60,000 and N75,000 now goes for between M100,000 and 120,000.”
He said medium-size goats which sold for between N20,000 and N25,000 last year now sells for N30,000 and N40,000.
At Anagada Livestock Market located along Gwagwalada-Zuba -Abuja-Lokoja highway, only a few rams, goats and cows were on the ground.
A ram seller, Abdullahi Umar, attributed the scarcity to insecurity from the areas where rams were conveyed to the market.
“In fact, most of the rams and goats that you see here are usually brought from Maigatari in Jigawa State and Ilela in Sokoto State. But because of the security challenge in the areas, some truck drivers are scared to go to the villages to convey rams and goat,” he said.
He added, “Even if a driver agrees to go, he will charge a high fare due to the risk. This contributes to the scarcity and high cost of ram and goats in the market.”
Business
Panic in financial sector, others over depreciating naira at N1,500/$
Panic in financial sector, others over depreciating naira at N1,500/$
The depreciating value of Nigeria’s currency, the naira, is causing panic among businesspeople and others in the finance sector.
Naira went over N1,500 mark to one US dollar on Sunday on the parallel market.
Ibrahim Dollar as one of the BDC operators in Lagos is called told Newstrends Sunday morning that there appeared to be a mop-up of the dollars.
He said, “As of today, we sell one dollar at N1,500 and buy at N1,460.
“In the last one month, we get more people buying the dollars than those exchanging dollars for naira.”
The N500/$ rate is about N34 loss compared to 1,466 that the naira exchanged for a US dollar on Friday.
The naira lost N40 between Thursday and Friday when it closed at N1,426 to a dollar, according to the National Autonomous Foreign Exchange Market (NAFEM), the official exchange market.
Surprisingly, the naira had about a month ago firmed up against the dollar, exchanging below N1,000.
The continued fall in naira has fuelled the fears that prices of goods including food items may further rise and worsen the current high cost of living.
Nigeria’s inflation rate jumped to 33.20% in March 2024 from 31.70% in February when naira recorded some gain
This was after a number of reforms and interventions by the Central Bank of Nigeria (CBN) including supply of dollars to the Bureau De Change (BDC) operators.
But with increasing demand for the US dollars, the earlier gain has been retarded.
A report by Bloomberg last week rated the naira as the worst performing current in the world in the last one month.
This was after the CBN had disclosed that the naira came as the best performing currency.
The Economic and Financial Crimes Commission (EFCC) last week announced that henceforth transactions at the foreign embassies in Nigeria would be conducted in naira and no longer in dollars, just to shore up the value of the nation’s currency.
Business
Tinubu bows to pressure, asks CBN to suspend cybersecurity levy
Tinubu bows to pressure, asks CBN to suspend cybersecurity levy
President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend cybersecurity levy implementation and review the policy.
A major report by Sunday Punch quoted some sources at the Presidency as saying the President’s action followed the public outcry that greeted last week’s announcement of the levy by the CBN.
This came three days after the House of Representatives had urged the CBN to withdraw its circular directing all banks to start charging the 0.5 per cent cybersecurity levy on all electronic transactions in the country from May 20, 2024.
The CBN issued the circular on May 6, 2024, mandating all banks, mobile money operators and payment service providers to implement the new levy, in accordance with Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 provisions.
In suspending the levy, Tinubu was said to be sensitive to the feelings of Nigerians and did not want anything that could add to the burden of the people.
“He has asked the CBN to hold off on that policy and ordered a review. I would have said he ordered the CBN, but that is not appropriate because the CBN is autonomous.
“But he has asked the CBN to hold off on it and review things again,” a senior presidency official reportedly said.
Another presidency official said, “If you look at it, the law predates the Tinubu administration. It was enacted in 2015 and signed by Goodluck Jonathan. It is only being implemented now.
“You know he (Tinubu) was not around when that directive was being circulated. And he does not want to present his government as being insensitive.
“As it is now, the CBN has held off the instruction to banks to start charging people. So, the President is sensitive. His goal is not to just tax Nigerians like that. That is not his intention. So, he has ordered a review of that law.”
Aviation
Dana Air lays off workers amid govt audit
Dana Air lays off workers amid govt audit
Dana Air has sacked some of its workers amid an operational audit being conducted and by the Nigerian regulatory authorities.
Dana disclosed this through its head of corporate communications, Kingsley Ezenwa, in a statement on Saturday, May 11.
The audit coming after some incidents is to ensure the airline complies with necessary standards and regulations.
Ezenwa stated, “In light of the ongoing audit, Dana Air has made the decision to temporarily disengage some staff members pending the conclusion of the audit.
“This decision has been made to ensure efficient management of resources and to facilitate a thorough review of operational procedures.”
He said the management appreciated the sacked workers’ resilience and dedication and recognised the difficulties they had faced.
Ezenwa also said that the airline pledged to provide updates and support for its staff members throughout the audit process.
He said the airline had commenced talks with lessors and was engaging stakeholders on the progress made so far.
“Dana Air therefore urges for calm and understanding from our very dedicated staff for their altruism,” he added.
The Nigeria Civil Aviation Authority (NCAA) recently suspended the Air Operator Certificate (AOC) of Dana Air after one of its aircraft skidded off the runway at the Murtala Muhammed Airport, Lagos State.
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