By Aduragbemi Omiyale

Two persons have been apprehended by the Rivers State Police Command in connection with the explosion that affected the Trans Niger Delta Pipeline operated by Shell Petroleum Development Company (SPDC) at the border of Kpor and Bodo communities.

On Monday night, the oil facility was affected by an inferno, which forced Shell to shut it down to prevent further damage.

It was gathered that the first was noticed during a routine night patrol by security operatives, who “promptly alerted SPDC management.”

The company initiated necessary safety protocols, including shutting down the affected pipe​line, a statement from the Police Public Relations Officer for Rivers Command, Ms Grace Iringe-Koko, a Superintendent of Police (SP), said on Tuesday.

The police said the swift intervention brought “the situation is now under control, and there is no further threat to residents or the environment.”

According to her, the two accused persons were picked up after the commencement of “a thorough investigation to determine the cause of the fire.”

She said the suspects are answering questions to help the police “uncover any potential act of sabotage,” promising to ensure that perpetrators of criminal activities are identified and brought to justice.

“We urge residents to remain calm and vigilant, assuring them of our unwavering commitment to protecting lives and property. The Command will not relent in its efforts to rid the state of criminal elements and maintain peace and security for all.

“For any useful information regarding this incident or any suspicious activities, members of the public are encouraged to contact the nearest police station,” the statement said.

By Adedapo Adesanya

Cooling inflation in Nigeria could encourage the Central Bank of Nigeria (CBN) to hold interest rate steady again when the Monetary Policy Committee (MPC) meets in May.

On Monday, Nigeria’s annual inflation eased for a second straight month after the National Bureau of Statistics (NBS) overhauled the index for the first time in 16 years in January 2025.

The move was carried out to better reflect the inflation pressures facing households in Africa’s most-populous nation with the base year changed from 2009 to 2024.

According to the NBS, consumer prices rose 23.18 per cent in February by 8.52 per cent from the 31.70 per cent achieved in January 2024.

In the Consumer Price Index (CPI) data, the NBS said last month, the headline inflation slowed due to decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc compared with the prices in the first month of this year.

Nigeria’s economy has grown in the last two quarters in Nigeria by over 2-3 per cent caused by inflation and the weakening of the local currency. This is slower compared to expected outcomes.

However, with further moderation, this could spur policymakers at the apex bank to pause rate hikes for yet another cycle.

The President Bola Tinubu administration is targeting a 15 per cent inflation level.

At its last meeting in February, the MPC held all rates across board with the headline monetary policy rate (MPR) retained at 27.50 per cent.

According to the Governor of the CBN, Mr Yemi Cardoso, the asymmetric corridor was retained around the MPR at +500/-100 basis points and the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50.00 per cent and Merchant Banks at 16 per cent. Also, the MPC retained the Liquidity Ratio at 30.00 per cent.

The CBN had hiked interest rates by 875 basis points in the last year as Mr Cardoso favoured inflation targeting tools to fix skyrocketing cost of prices.

Market analysts noted that subsequent ease inflation in March and April could lead to even cuts but argued that pausing the rate will offer succour to businesses who have lamented the consistent hiking on their operations.

By Adedapo Adesanya

The Naira depreciated against the United States currency at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday by N9.61 or 0.63 per cent to settle at N1,531.98/$1, in contrast to last Friday’s value of N1,522.37/$1.

Similarly, the Nigerian currency weakened against the Pound Sterling during the trading session by N20.41 to quote at N1,984.61/£1 compared with the previous trading day’s rate of N1,964.20/£1 and against the Euro, it tumbled by N14.68 to sell for N1,668.46/€1 versus the preceding session’s value of N1,653.78/€1.

The depreciation trend continued after the exchange rate had appreciated just once over the last week as supply factors and the Dollar strengthening across the global market continues to impact other local currencies.

Nigeria’s inflation cooled to 23.18 per cent in February, a month after the National Bureau of Statistics (NBS) rebased its Consumer Price Index (CPI) to reflect changes in consumption patterns. A month earlier, the inflation was 24.48 per cent.

However, the the domestic currency appreciated against the US Dollar in the official market yesterday by N5 to quote at N1,585/$1 compared with the previous session’s N1,590/$1.

In the cryptocurrency market, most of the tokens fell as investors expect the US Federal Reserve to keep interest rates steady this week, with analysts saying policymakers might pause or stop the central bank’s balance sheet runoff.

There are also trade tensions and concerns around a slowdown in the US economy at a time when it is increasingly uncertain how much more accommodation the US central bank can offer.

Solana (SOL) slumped by 2.8 per cent to trade at $125.04, Litecoin (LTC) fell by 2.7 per cent to $89.70, Dogecoin (DOGE) lost 2.5 per cent to settle at $0.1673, Ripple (XRP) dropped 2.2 per cent to end at $2.28, Cardano (ADA) slid by 1.5 per cent to $0.7072, Bitcoin (BTC) crashed by 0.4 per cent to $83,103.91, and and the US Dollar Tether (USDT) went down by 0.03 per cent to $0.9998.

Conversely, Binance Coin (BNB) appreciated by 0.8 per cent to $634.55, and Ethereum (ETH) added 0.5 per cent to close at $1,907.25, while the US Dollar Coin (USDC) was flat at $1.00.