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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

Seven Equities Buoy NASD OTC Securities Exchange by 0.73%

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NASD securities exchange

By Adedapo Adesanya

Seven price gainers triggered a 0.73 per cent appreciation in the NASD Over-the-Counter (OTC) Securities Exchange on Tuesday, January 13.

The advancers were led by FrieslandCampina Wamco Nigeria Plc, which added N5.06 to its value to close at N75.00 per unit versus the preceding day’s N68.70 per unit, followed by MRS Oil Plc, with a price appreciation of N5.06 to sell at N200.00 per share compared with the previous session’s N194.94 per share, and Air Liquide expanded by N1.00 to settle at N14.00 per unit versus N13.00 per unit.

Further, Food Concepts Plc climbed by 31 Kobo to N3.37 per share from N3.06 per share, IPWA Plc appreciated by 11 Kobo to N1.23 per unit from N1.12 per unit, Geo-Fluids Plc grew by 6 Kobo to N6.90 per share from N6.84 per share, and Acorn Petroleum Plc grew by 1 Kobo to end at N1.29 per unit versus Monday’s closing price of N1.28 per unit.

The gains recorded by these seven securities raised the market capitalisation by N15.95 billion to N2.2 trillion from the preceding session’s N2.184 trillion, and the NASD Unlisted Security Index (NSI) added 26.65 points to close at 3,678.13 points compared to 3,651.48 points.

Business Post reports that three stocks she weight yesterday, with Afriland Properties Plc down by N1.49 to N14.73 per share from N16.22 per share. Central Securities Clearing System (CSCS) Plc went down by 64 Kobo to N40.13 per unit from N40.77 per unit, and UBN Property Plc lost 1 Kobo to close at N2.05 per share versus N2.06 per share.

Yesterday, the number of deals executed soared by 39.6 per cent to 67 deals from 48 deals, the total value of transaction surged by 84.1 per cent to N86.1 million from N46.8 million, while the volume of trades shrank by 59.6 million to 1.6 million units from 4.03 million units.

CSCS Plc was the most active stock by value on a year-to-date basis with 2.0 million units sold for N81.4 million, trailed by MRS Oil Plc with 265,697 units worth N53.1 million, and Geo-Fluids Plc with 6.4 million units traded for N43.4 million.

By volume, Geo-Fluids Plc topped the chart with 6.4 million units valued at N43.4 million, followed by Industrial and General Insurance (IGI) Plc with 3.1 million units transacted for N1.9 million, and CSCS Plc with 2.0 million units valued at N81.4 million.

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Economy

Naira Now N1,419/$1 at Official Forex Market

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naira official market

By Adedapo Adesanya

The value of the Naira further appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, January 13 by N1.80 or 0.13 per cent to N1,419.66/$1 from Monday’s N1,421.46/$1.

This was boosted by an inject of $50 million into the official forex market by the Central Bank of Nigeria (CBN) in an effort to defend the local currency.

At the same spot market, the Nigerian currency improved its rate against the Pound Sterling during the session by N1.86 to close at N1,913.98/£1 versus the previous day’s N1,915.84/£1 and gained N5.09 on the Euro to settle at N1,656.59/€1, in contrast to the N1,661.68/€1 it was transacted a day earlier.

At the parallel market and the GTBank FX counter, the Naira maintained stability against the DOllar yesterday at N1,490/$1 and N1,431/$1, respectively.

Market analysts have noted that proper CBN support, stronger external inflows from foreign portfolio investors (FPIs), improving current account dynamics, and more disciplined FX management will give the Naira stronger footing in the near term, with threats coming from externalities.

Meanwhile, the cryptocurrency market was elevated on Tuesday as US inflation eased and political uncertainty around the Federal Reserve increased demand for non-sovereign assets.

Ease in US inflation data reinforced expectations that the Federal Reserve will continue cutting rates this year. Lower inflation eased pressure on bond yields and improved liquidity conditions, a setup that has historically favored crypto and other risk assets.

Also, reports that the US Justice Department had served grand jury subpoenas on the Federal Reserve earlier this week unsettled markets and weakened the Dollar, boosting the appeal of assets viewed as insulated from central bank risk.

Cardano (ADA) surged by 7.5 per cent to $0.4206, Ethereum (ETH) appreciated by 6.2 per cent to $3,321.77, Dogecoin (DOGE) grew by 5.8 per cent to $0.1472, Ripple (XRP) rose by 3.9 per cent to $2.14, Binance Coin (BNB) expanded by 3.1 per cent to $936.96, Litecoin (LTC) jumped by 3.1 per cent to $78.58, Bitcoin (BTC) increased by 2.9 per cent to $94,662.42, and Solana (SOL) soared by 1.6 per cent to $144.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece. 

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Economy

NGX All-Share Index Cross 165,000 points as Market Cap Now N106trn

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All-Share Index NGX

By Dipo Olowookere

The bulls have refused to leave the Nigerian Exchange (NGX) Limited as they further lifted the market by 1.59 per cent on Tuesday on the back of continued bargain-hunting.

The bourse recorded a significant rise yesterday as a result of the gains posted by some large-cap equities, including MTN Nigeria and others.

The sterling performance was across the key sectors of Customs Street, except the insurance counter, which went down by 0.06 per cent due to mild profit-taking.

However, the banking segment appreciated by 1.33 per cent, the consumer goods index soared by 0.74 per cent, the energy index grew by 0.39 per cent, the industrial goods space gained 0.10 per cent, and the commodity landscape improved by 0.01 per cent.

As a result, the All-Share Index (ASI) moved up by 2,592.63 points to 165,837.32 points from 163,244.69 points and the market capitalisation increased by N1.661 trillion to N106.182 trillion from N104.521 trillion.

Caverton, PZ Cussons, Deap Capital, eTranzact, and MTN Nigeria all gained 10.00 per cent during the session to settle at N7.70, N58.30, N3.63, N18.15, and N605.00, respectively.

However, Universal Insurance lost 6.25 per cent to close at N1.20, Prestige Assurance declined by 5.81 per cent to N1.62, Regency Alliance slumped by 5.17 per cent to N1.10, Academy Press depreciated by 5.06 per cent to N7.50, and Royal Exchange dropped 3.98 per cent to sell for N1.93.

A total of 55 stocks ended on the advancers’ log and 13 stocks finished on the laggards’ end, indicating a positive market breadth index and bullish investor sentiment.

The activity level was mixed, with the trading value up by 75.00 per cent to N33.6 billion from N19.2 billion.

But the trading volume was slightly down by 8.33 per cent to 1.1 billion shares from the 1.2 billion shares recorded a day earlier, as the number of deals decreased by 17.09 per cent to 49,216 deals from 59,359 deals.

For another trading day, Sovereign Trust Insurance led the activity chart with the sale 343.5 million units shares worth N1.1 billion, Access Holdings traded 86.2 million equities valued at N2.0 billion, eTranzact transacted 61.1 million stocks worth N1.1 billion, Linkage Assurance exchanged 49.9 million shares valued at N88.0 million, and Chams pulled a turnover of 35.4 million equities for N139.2 million.

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