News

Inflation Rate: Monetary Policies Yielding Desired Results, Says CBN

Published

5 months ago

November 17, 2023

The Central Bank of Nigeria has said its monetary policy reforms have started reflecting positively on the country’s economy.

The apex bank’s Director, Corporate Communications Department, Isa AbdulMumin, said this while speaking in Abuja on the latest inflation rate released by National Bureau of Statistics figures on Wednesday.

The bureau disclosed that the country’s inflation rate surged to 27.33 per cent in October, a 0.61 per cent point from the 26.72 per cent that was recorded in September.

But AbdulMumin said the current inflation rate released by the NBS indicated that the money market reforms by the apex bank are gradually affecting the economy.

The director added that the low increase in the average price level in October is an indication that the CBN’s monetary policy stance as well as its money market reforms were yielding the desired results.

He noted that the leadership of the apex bank is working on its core mandate to stabilise the naira as well as reduce inflation.

According to him, the implementation of vigorous monetary tightening, utilising various liquidity mechanisms, resulted in an increase in Open Buy Back rates from under one per cent in August to their expected levels in line with the present monetary policy rate.

He said such mechanisms included removing the cap on the Standing Deposit Facility and Open Market Operations.

Despite the slight rise, he assured stakeholders that the CBN is moving towards the intended goal of achieving price stability.

“Available statistics showed that the first indication of deceleration in prices was recorded in September.

“Further reforms in the money market, which commenced in October had accelerated easing in prices as indicated by the substantial drop in month-on-month changes recorded in October.

“Moderation in month-on-month changes in prices observed in the headline, food, and core components of the consumer basket followed reforms in the money market and relative stability in the FX market,” he said.

News

Woman killed while crossing road in Anambra

Published

21 hours ago

April 18, 2024

Fellow Press

The Federal Road Safety Corps (FRSC), Anambra State Sector Command, has confirmed the death of a woman in an accident at Okpoko Market on the Asaba-Onitsha Road.

The Sector Commander, Mr Adeoye Irelewuyi, who confirmed the accident to journalists in Awka on Thursday, said that the woman was hit while she was crossing the road.

He said that the accident, which occurred on Wednesday, involved a commercial tow truck with registration number XA550BMA.

“Eyewitness report reaching us indicates that the truck was towing a vehicle in an uncontrollable speed along the axis.

“The vehicle that was being towed got detached from the tow truck.

“It hit and killed a female adult, who was said to be crossing the road, while the tow truck continued its movement.

“FRSC rescue team came to the scene and took the woman to Toronto Hospital, Onitsha, where she was confirmed dead and her body deposited at the hospital’s mortuary,” he said.

While sympathising with the family of the dead, the sector commander urged motorists, especially tow truck drivers, to exercise a high level of professionalism.

He also urged the drivers to always use standard equipment and avoid speeding.

News

LASG’s maize palliative impactful, says poultry association chair

Published

21 hours ago

April 18, 2024

Desmond Ukafor

The Chairman, Poultry Association of Nigeria (PAN), Lagos State Chapter, Mr Mojeed Iyiola, said the state government’s maize palliative to members of the association made a positive impact on the sector.

Iyiola said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

“We received about 150,000 tons of maize in February from the Lagos State government as palliative to cushion the effect of high feed prices.

“The major benefit of the palliative is that it actually cushioned the cost of production for most poultry farmers in the state.

“The palliative was beneficial as it made the cost of some poultry produce, especially eggs to drop,” Iyiola said.

He noted that prior to the palliative, a crate of egg was sold between N3,500 and N3,700 at the farm gate, but after the palliative, it now sells between N3,200 and N3,400.

According to the PAN chair, retailers and middlemen who sell from N3,800 to N4,200 do that for their personal gain.

“We have urged our members to sell their eggs at reasonable prices following the receipt of the palliative from the government.

“We appreciate the Lagos State government for the palliative but we also urge the federal government to do likewise, to further reduce the cost of production in the sector.

“This will consequently lead to drop in the prices of all poultry produce across board,” he said.

He said the palliative was shared among financial members of the association at no extra cost.

“As an association we shared the grains equally across PAN’s eight zones in the state equally. We also mandated each zone not the sell even a grain of the maize.

“We, however, considered new poultry farmers who wanted to the join the association as beneficiaries of the palliative,” said Iyiola.

He noted that through the palliative, more poultry farmers were recruited into the association.

“The maize was shared only to poultry farmers and not feed millers, it is the major component of poultry feed formulation,” he said.