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.”
Auto
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery Nigeria on Friday held many Lagos fans of elegant new vehicles spellbound during its spectacular roadshow.
The event featured a captivating procession from the Carloha showroom to The Palms in VI passing through scenic routes such as the Third Mainland Bridge, Ikoyi and Victoria Island, ending with a celebration at the iconic shopping mall.
The roadshow not only showcased Chery’s exceptional vehicles but also celebrated the spirit of creativity and community.
The event provided a platform for guests to savour and enjoy the unique display of new work of art and automotive excellence.
The roadshow extravaganza, as the organisers called it, was revealed Chery’s commitment to engaging experiences, showcasing the brand’s latest masterpiece, the Tiggo 8 Pro,Tiggo 4 Pro and Arrizo 5, in an unforgettable way.
The highlight of the event was a unique “Sip and Paint” session led by a notable artist, who skilfully captured the essence of the Tiggo 8 Pro on canvas.
Guests were invited to unleash their creativity as they painted their own interpretations of the iconic Chery logo, adding personal touch.
The climax of the evening came with a breathtaking moment as Eben, renowned for his impressionistic prowess, unveiled his masterpiece – a stunning portrayal of the Chery Tiggo 8 Pro.
The artwork, met with awe and admiration from attendees, encapsulated the essence of Chery’s dedication to innovation, style, and sophistication.
Representative of Chery brand in Nigeria, Carloha, says it will continue to provide automotive solutions to customers with its six-year free service and six-year warranty or 200,000km, whichever comes first.
Meanwhile, Chery has expressed its gratitude to all attendees, partners and supporters who contributed to the success of this extraordinary event.
“As the brand continues its journey of innovation and inspiration, it remains dedicated to delivering exceptional experiences that captivate hearts and minds,” the firm said in a statement on Saturday.
Business
BDCs consider harmonised retail market as naira depreciates further
BDCs consider harmonised retail market as naira depreciates further
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it is working on establishing a unified retail end forex market operations to tackle volatility and boost regulatory compliance within the Bureau De Change (BDC) sub-sector.
This is as the value of the naira depreciated further at the parallel market to N1,450 to the dollar.
From N1,420 which it was on Thursday, the value of the naira, which had depreciated to N1309 to the dollar at the Nigeria Autonomous Foreign Exchange market (NAFEM) continued to fall at the parallel market.
ABCON president, Alhaji (Dr.) Aminu Gwadabe, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.
According to him, ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform-(formerly called SAAZ Master). He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralised, democratised and liberalised online real time trading platform.
READ ALSO:
- Everyday my hatred for Mohbad increases – Naira Marley’s associate
- Fubara speaks on Rivers tanker explosion, pledges support for affected families
- Novena University/Asaba Specialist Hospital gets accreditation for Medicine
He stated that the association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.
“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.
He reiterated the benefits of a realistic and vibrant retail end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.
According to Gwadabe, the vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.
The successful execution of this plan, Gwadabe said, will help in seamlessly capturing revenues for the government through digitised retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.
BDCs consider harmonised retail market as naira depreciates further
Business
Naira gains marginally at parallel market as FG plans for diaspora fund
Naira gains marginally at parallel market as FG plans for diaspora fund
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.
On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.
However, daily turnover on the NAFEM declined by 2.85 per cent to $309.01 million compared to $318.08 million the previous day.
The highest spot rate stood at N1,410, with the lowest recorded at N1,051.
Meanwhile, as part of efforts to attract and accelerate inflow of foreign currency into the economy, the federal government has unveiled plans to float a $10 billion Nigeria Diaspora Fund.
READ ALSO:
- Why we praised Aviation minister Keyamo after Dana Air incident – Northern group
- Friends swap wives for sex weekend in Lekki, activist claims
- Bandit leader who forced community to give him chieftaincy title, 2 other kingpins killed in Zamfara
The move is expected to among other things, improve FX liquidity in the system as well as strengthen the Naira exchange rate.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a notice shared on her X handle (formerly Twitter), yesterday, revealed that the Nigeria Diaspora Fund Multi-sectoral Investment Initiative would be designed and managed by fund managers selected through an Expression of Interest (EOI) exercise where winners are expected to emerge.
Owing to this, the ministry has issued an EOI Expression to fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.
Newstrends recalls that Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had recently said Nigerians living in diaspora remained a key source of foreign capital projection, adding that a diaspora bond would be launched by June.
Naira gains marginally at parallel market as FG plans for diaspora fund
Confession of 85-year-old monarch: I intended killing my son, use boy parts for ritual
Gaza: Hamas studies new Israeli truce proposal, 32 more killed
2027: Politicians plotting to undermine Tinubu’s support base — Arewa group
-
Entertainment2 hours agoBREAKING: Popular Gospel singer Morenikeji ‘Egbin Orun’ is dead
-
News7 days agoWe’re not part of Yoruba Nation agitation, says MKO Abiola family
-
metro6 days agoHow gunmen killed Babcock university lecturer, abducted two – Police
-
Entertainment4 days ago‘Tiwa Savage paid IT expert to wipe sextape off internet’
-
Politics6 days agoAregbesola, Oyetola’s camps disagree over Osun shares
-
News6 days agoPull down Chinese supermarket that denied Nigerians entry, Shehu Sani tells FG
-
News5 days agoOsun governor introduces choice first lady amid controversy over who will receive Remi Tinubu
-
metro5 days agoUpdated: Policeman shot corps member dead at LAUTECH convocation party