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Food Blockade: Price of Onions Crashes in Kano

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onions at Lagos Markets

By Ahmed Rahma

Following the blockade of food items from the northern part of Nigeria to its southern counterpart, the price of onions has crashed in one of Nigeria’s biggest cities, Kano State on Wednesday, The Cable is reporting.

Sellers of the food item lamented about the significant decline in the price as a bag of onions, which used to be sold at N35,000, was now selling for N7,000 and there are only fewer buyers in the city.

Recently, the Amalgamated Union of Food and Cattle Dealers of Nigeria (AUFCDN) demanded the payment of N4.7 billion as compensation to them by the government for the losses incurred during the Shasha market crisis in Oyo State as well as the 2020 violence that erupted during the October 2020 #EndSARS protest.

Also, the Miyetti Allah Cattle Breeders Association threatened to sustain the food besiegement until the safety of its members in the south was guaranteed.

According to Mr Aliyu Mohammed, the coordinator of the Kwara State chapter of Miyetti Allah, the beleaguerment is a ‘’warning shot’’ to safeguard their business interest.”

“Except those who may decide to take other routes to get to the state or those who may act in defiance to the directive, the traders would not come from the north and those who come may be stopped or sanctioned,” Mr Mohammed added.

It was reported at the weekend that the north is diverting food items to Niger Republic and Cameroon, and that trade routes to the south have been besieged.

Trucks containing food items were stopped from moving south at Jebba in Niger State by some irate youths though the Nigerian Defence Headquarters said the military intervened and cleared the path.

Speaking on the matter, the national president of the Northern Consensus Movement, Mr Abdullahi Aliu, confirmed the diversion of food items from the north to neighbouring countries.

“As I speak to you, my people are already shipping their goods, onions, tomatoes and what have you to Niger (Republic), Cameroon, and other neighbouring countries through Illela border.

“Our people have already found a way of not wasting their goods. They will not be wasted. They will be sold just like the way they were being moved to the south-west, south-east or south-south. So, my people will end up not losing anything,” he had said.

On Tuesday, the President of AUFCDN, Mr Mohammed Tahir, was detained by the Department of State Services as beef scarcity hit Ibadan, Oyo state, according to The Nation.

The General-Secretary of the union, Mr Ahmed Alaramma, at a news conference in Abuja, confirmed that the DSS had in the morning invited the union leadership to a meeting, which ended 3.30 pm on Tuesday.

He, however, did not say if Mr Tahir was arrested before or after the meeting with the secret service personnel.

“Our president is at present with DSS right now. They came to invite us this morning because of this protest we are doing. Up till now, our President has not come out from that DSS office. So, this is the first day they are inviting us,” he said. The news conference ended 5 pm.

But the DSS, in a terse response to the invitation, was silent on the alleged arrest of the union leader.

“They attended a meeting at the headquarters as part of the service’s interventions to resolve issues. The meeting which started about 1:30 pm and ended at 3.30 pm today held in an atmosphere of peace,” said the DSS spokesman, Mr Peter Afunanya.

Meanwhile, the blockade of the food items from north to south has been removed after the aggrieved union suspended the action.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Economy

Geo-Fluids, Afriland Properties Lift NASD Bourse by 0.13%

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shareholders of Afriland Properties

By Adedapo Adesanya

The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.

Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.

Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.

There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.

FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance  (IGI )Plc with 10.7 million units sold for N2.1 million.

IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.

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Economy

Naira Depreciates to N1,543/$1 at Official Market

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Naira-Yuan Currency Swap Deal

By Adedapo Adesanya

The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.

According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.

The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.

The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.

On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.

As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.

In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).

However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.

Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1  per cent to $693.30.

On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.

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Economy

Customs Street Crumbles by 0.08% as Profit-Takers Take Charge

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Customs Street

By Dipo Olowookere

Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.

The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.

The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.

At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.

Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.

Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.

The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.

On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.

Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.

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