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The  Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso,  said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.

His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira. Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.

"Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.

Why reserves shifted

“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”

Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.

He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.

"For instance, food inflation is not within the purview of the CBN. Ways and Means is now less an issue.”

The CBN boss said he decided to go the orthodox central banking route in order to build confidence in the Nigerian currency.

He also said that he had no choice than to raise monetary policy rate, recording 600 basis points hike within a short period of time.

He promised to communicate more with Nigerians and other stakeholders in order to moderate their expectations.

"We want Nigerians to be realistic in their expectations. We have used the MPC to explain why we took the measures that we have taken.

“We will strengthen the communication framework using different platforms to communicate.”

The governor expressed satisfaction that he took hard decisions but added that they are yielding desired outcomes.

He said within two months of his administration , the Naira was adjudged the worst performing currency, but within six months it moved to the best performing currency, globally.

“Ultimately the objective is to ensure that we moderate inflation’’, he stated.

Key take-away lessons for him, he said, was that he could not over-emphasise the importance of trust, stating, “Irrespective of boldness to do certain things if the trust is not the there, you will sub-optimise.

“It is a bit of a surprise that one had expected a greater understanding of a lot of the issues, expectations of the people on the CBN is often misplaced.”

NAFDAC says the soap asked members of the public in possession of the soap to discontinue sale or use, and submit stock to its nearest office.

The National Agency for Food and Drugs Administration and Control (NAFDAC) has drawn Nigerians’ attention to the ban on Dex Luxury Bar Soap (No 6 Mystic Flower), by European Union (EU).

The notification is contained in a public alert with No. 012/2024, signed by NAFDAC Director-General, Mojisola Adeyeye, a professor, and shared with journalists in Abuja on Sunday.

“The product does not comply with the cosmetic products regulation; it also contains Butyphenyl Methylpropional (BMHCA), which is prohibited in cosmetic products due to its risk of harming the reproductive system.
“It also causes harm to the health of unborn children and may cause skin sensitisation.
“It is as a result of the defective nature of the product that the EU banned it.
“The product is not in NAFDAC database; importers, distributors, retailers and consumers are to exercise caution and vigilance within the supply chain,” [/b]she said.

[b]'Stop importation, sale and use’
Mrs Adeyeye called on marketers and consumers to avoid the importation, distribution, sale and use of the product, saying that product’s authenticity and physical condition must be carefully checked.

She called on members of the public in possession of the product to discontinue sale or use, and submit stock to the nearest NAFDAC office.

The NAFDAC boss advised healthcare professionals and consumers to report any suspicion of adverse reaction or substandard and falsified regulated products to the nearest NAFDAC office on 0800-162-3322 or via email: sf.alert@nafdac.gov.ng.

She also encouraged healthcare professionals and patients to report adverse events or side effects related to the use of the product, to the nearest NAFDAC office.

Kobojunkie:
Nonsense! She suppose sue him instead or at least pay for damages to her image as a lawyer. That way not only restore her image as an individual but also establish herself as a no-nonsense lawyer. But then, do Nigerians want a no-nonsense lawyer or just someone who is on good terms with their gods of men?

The Nigerian Meteorological Agency has predicted dry, sunny conditions in the north and thunderstorms in the south on Monday.

According to a report by NiMET, as Monday morning dawns, the weather forecast indicates a continuation of dry and sunny conditions in the northern parts of Nigeria.

However, patches of clouds are expected to blanket the central cities extending down to the southern region.

The report stated, “We equally have the prospect of morning thunderstorms in two parts of the FCT, Nassarawa, Kogi, Kwara, Ekiti, Oyo, Ogun, and Lagos state.”

“The afternoon forecast shows increasing activity, with thunderstorms expected to develop across the southern region.

“By afternoon, we have a very good prospect of thunderstorms across the southern region, extending to parts of the FCT, Kogi, Benue, and Taraba.”

While the northern region grapples with dryness, air quality remains unhealthy. NiMet cautioned, “Due to the dryness over the north, the air quality is still unhealthy across the region and moderate in the central and southern regions.”

“NiMet issues crucial advice to the public. Strong winds may precede the rains in these regions, prompting NiMet to urge residents to take adequate preventive measures.

“We advise the public to be vigilant as strong winds may precede the onset of thunderstorms,” the report said.

“Additionally, staying hydrated is paramount during such weather conditions. NiMet advises individuals to consume plenty of water to maintain hydration amidst potential thunderstorms.

“Airline operators are advised to get updated weather reports and forecasts from NiMet for effective planning in their operations,” it said.

PUNCH Online reported on Thursday, April 11, 2024, that NiMet predicted sunshine and thunderstorms from Thursday to Saturday across the country.

NiMet’s weather outlook released on Wednesday in Abuja, forecasts sunny skies on Thursday with few patches of clouds over the northern region with prospects of thunderstorms over parts of Taraba during the afternoon and evening hours.

Cloudy skies with intervals of sunshine were expected over the North Central region with prospects of thunderstorms over parts of the Federal Capital Territory, Kwara, Kogi and Benue.

Across the local food markets in Lagos, there is a noticeable fall in the prices of foreign-produced foods or foods with foreign raw materials, while the prices of locally produced foods continue to rise.

This is based on a survey conducted by Nairametrics across major food markets in Lagos. The survey was for a period of one month, covering from March 12th to April 11th.

A bag of foreign rice in Igando Market, which sold for N88,000 two weeks ago, now sells for N78,000. In Iyana Ipaja Market, the same bag of rice was sold at N90,000 three weeks ago, but was down to N79,000 on April 11.

A box of super pack Indomie, which was N9,000 in December sold for N17,000 in March, but had fallen to N13,800 as of April 11.

The same trend is noticeable in supermarkets, where foods such as canned beans, stringed beans flour and a number of other food items are seeing noticeable drop in prices.

On the other hand, a paint bucket of garri, which sold at N2,500 three weeks ago at Igando Market, sold for N3,400 as of April 11. Although the transaction practice for yams in Nigeria is not measured on scales, several consumers of yam testify that the size of yam that sold at N2,500 a month ago now sells at N3,500.

Several persons who spoke with Nairametrics in Oyingbo Market, Orile Market, and Iyana Iba Market said depending on the quantity one is purchasing, the prices of beans have risen by between N300 and N500 over the past month.

Although produced with some foreign raw materials such as wheat, the prices of bread have also increased over the past month by at least N200.

What traders are saying

A wholesale rice seller, Rita Ogbuebu, ascribed the fall in the price of foreign rice to the rise in the value of the local currency. She said with the rise in the value of the naira, importers of foreign rice are buying rice cheaper in naira terms from neighbouring countries such as The Republic of Benin.

“We are expecting the prices of rice to fall even further as the naira value increases,” she said.

Janet Ogbuefuna, a shop owner in Ogba, Lagos, agrees. She said the price of Indomie has been falling over the past one month from N18,000 to N13,000 as of April 11. A manager in a popular noodles plant said some of the prices of some of the foreign inputs of noodles have fallen over the last one month, which explains the falling prices of noodles in the market.

As to why the prices of locally-produced foodstuff continue to rise, Sola Akhomolafe, an agronomist, blamed the development on the increasing insecurity in the country that prevents farmers from having access to their farms. He also blamed it on the high cost of transportation in conveying agriculture products from farm to market.

“This is coupled with an acute lack of storage facilities around the country. 60% of Nigeria’s post-harvest food products go to waste because of the lack of storage facilities,” he stated.

On the other hand, the chief executive of the Center for the Promotion of Private Enterprise (PPE), Dr. Muda Yusuf, told Nairametrics that part of the reasons for the high cost of locally-produced agriculture products is seasonality. He noted that most of Nigeria’s agriculture production is tied to the rains. He said the rainy season is just setting in.

“We are in the planting season right now. Usually, the prices of food products fall during harvest season. This is coupled with the fact that we don’t have adequate storage facilities in Nigeria. So the country’s stock of food depends on seasonality,” he said.

Referring to the rapid adjustment of food prices in the manufacturing sector, such as Indomie, Dr. Yusuf noted that manufacturing companies are better equipped to respond to changing agricultural value chain circumstances.

A wholesale yams dealer, who identified himself as Alhaji, on his part, blamed the rising cost of locally-produced food on the high cost of transportation. He stressed that there are thousands of illegal tax collectors strewn on the country’s highways that extort money from transporters. “In the end, the end consumers must bear the final cost of food products,” he stated.

Sani, a cattle dealer, expressed a similar sentiment to Nairametrics. He said from Yobe State to Lagos, he sometimes parts with more than N500,000 to illegal tax collectors on the highways before getting to his destination.

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The National Agency for Food and Drugs Administration and Control (NAFDAC) has issued a public warning regarding the sale of counterfeit TANDAK injection 1.5g powder and water for injection, manufactured by Intracin Pharmaceuticals PVT. LTD in Gujarat, India.  

The discovery of this product in Gombe state, Nigeria, was reported to the agency by Marcson Healthcare Ltd., the Marketing Authorization Holder (MAH). 

TANDAK® injection of 1.5g powder is a crucial co-formulation of Ceftriaxone 1000mg and Sulbactam 500mg, prescribed for treating various bacterial infections. Its efficacy relies on the supervision of healthcare professionals, ensuring proper administration and monitoring. 

According to NAFDAC, the illegal circulation of counterfeit medicines poses significant health risks to consumers, as these products do not adhere to regulatory standards, compromising safety, quality, and efficacy. 

NAFDAC’s response  

In response to this discovery, NAFDAC has instructed all zonal directors and state coordinators to conduct surveillance and eliminate counterfeit products from their respective zones and states. 

Importers, distributors, retailers, healthcare professionals, and caregivers are urged to exercise caution and vigilance within the supply chain to prevent the importation, distribution, sale, and use of counterfeit products.  They are reminded to source medical products exclusively from authorized and licensed suppliers, ensuring thorough inspection of authenticity and physical condition. Furthermore, healthcare professionals and consumers are encouraged to report any suspicions of substandard or falsified medicines or medical devices to the nearest NAFDAC office, or through designated communication channels such as NAFDAC’s hotline and email address. 

Additionally, healthcare professionals and patients are advised to report any adverse events or side effects associated with the use of medicinal products or devices to NAFDAC, utilizing available reporting platforms on the agency’s website or through the Med-safety application on Android and IOS stores. 

By Adesina Wahab 

No fewer than 15 universities in the United Kingdom have announced plans yo sack some workers and even stop running some courses because of the sharp decline in enrolment by foreign students including Nigerians.

According to a report by University World News, the sharp decline in foreign students enrolment was particularly felt at the postgraduate level.

The development is also connected to the decision by the Uk government to reduce international students, as some concessions given them that level have been whittled down.

Also, there are concerns too that the high cost of living being experienced globally may negatively affect enrolment of foreign students at the undergraduate level. 

From the prestigious Russell Group Universities to mid-tier universities and Scottish institutions, the current situation is not sparing most universities.

Robert Gordon University (RGU) recently introduced a voluntary severance scheme in the face of staff redundancy due to its financial difficulties as a result of a notable decline in international student enrollments, a consequence of post-Brexit alterations in UK immigration policies.

RGU cited escalating cost pressures and a considerable reduction in public funding as contributing factors.

Tokunbo Wahab, Commissioner for Environment and Water Resources, Lagos State, says the state is expected to experience abnormal rainfall in 2024 with a total of 1936.2 mm predicted rainfall.

Wahab said this at a news conference on 2024 Seasonal Climate Predictions (SCP) and socio-economic implications for Lagos State on Tuesday.

Wahab said the average annual rainfall predicted for 2024 was 1936.2 mm, which was greater than the long-term average of 1721.48 mm with the onset date expected to be the first week of April and ceasing in the first week of December.

According to him, Ikeja is expected to have an onset date of April 4 and cessation date of December 4 with a high annual amount of 1900 mm rainfall.

He said Badagry would have a rainfall onset date of April 1 and cessation date of December 5 resulting in an annual amount of 1978 mm.

He added that Ikorodu was expected to have a rainfall onset date of April 4 and cessation date of December 4, totaling an annual amount of 1903 mm.

He said Lagos Island would have a rainfall onset date of April 3, cessation date of December 4 and an annual amount of 1936 mm.

Epe is expected to have a rainfall onset date of April 2, cessation date of December 5 and an annual amount of 1952 mm.

According to him, below normal rainfall is anticipated in the first half of the rainy season, while normal to above normal rainfall is expected in the second half of the rainy season.

He said the Ministry’s collaboration with NiMet on Seasonal Climate Prediction had been valuable as a vital weather and early warning tool for farmers, decision makers, operators of the various sectors and businesses likely to be impacted by the annual rainfall.

He said government had plans to downscale the Seasonal Climate Prediction to stakeholders and emergency workers in the state.

He added that the state had deployed and maintained its network of weather stations and river gauge stations to monitor the weather and river levels in the state and increase the preparedness for weather and flood related issues.

“We want to assure you that our state will continue to reap the benefits of a careful and rigorous execution planning, as our flood control measures are stepped up to contain any imminent rainfall.

“The Ministry has embarked on an all-year-round drainage maintenance programme for effective and efficient flood control, in addition to an efficient and sustainable solid waste management system,” Wahab said.

He noted that to effectively contain flooding in the state, government was determined to maintain the synergy and partnership with the Ogun-Oshun River Basin Authority (OORBDA).

He added that the rainfall from neighbouring Ogun, Oyo and Osun states, dams release and river water levels into the state would also be monitored.

He said the partnership ensured control and monitoring of the steady and systemic release of water from Oyan Dam to prevent flooding as it reached the Ogun River.

He said the relationship had been highly beneficial and would be sustained.

He said proactively, the state had strengthened the Flood Early Warning Systems (FEWS) to deliver reliable, timely and effective flood information at an appropriate response time.

He added that the low-lying Agiliti, Agboyi, Itowolo and Ajegunle communities would be closely monitored with respect to the likelihood of Ogun River flooding as well as all other river basins in the state.

The Commissioner explained that it was expected that the high amounts of rainfall and other contributory factors might lead to flooding in some parts of the state, and that this might lead to a rise in Lagoon level.

He explained that anytime there was high tidal movement, it could “lock up” the discharge points of drainage channels and until it receded, there would be no discharge.

He said such occurrences could cause backflow resulting to flooding and as soon as the Lagoon receded, all the generated storm water would immediately be discharged and the roads would be free.

He stressed that it was only when storm water remained on the roads for hours that there should be reports of fooding.

He emphasised that the government had put all emergency response organisations, traffic management organisations, and other emergency-related organisations on high alert to help lessen the effects of thunderstorms and associated rains in the state.

He maintained that government would ramp up sensitisation for residents along flood plains of major rivers such as Owode, Iwaya, Makoko, Badia, Ijora, Isaalu, Pota, Shibiri to be ready to relocate to higher grounds when the need arose.

He said drainage engineers were available in all 57 Local Government Areas and Local Council Development Areas to attend to drainage related matters during and after the rainy season.

Also speaking, the Special Adviser on Environment, Mr Olakunle Rotimi-Akodu, appealed to residents to support the efforts of the government through regular cleaning of drains to ensure free flow of storm water as well as desist from dumping of refuse into drainage channels.

He added that residents should refrain from the acts that could lead to flooding such as indiscriminate dumping of construction materials, erecting building structures within and around drainage Right-of -Ways and setbacks.

He also advised residents to report cases of drainage blockages, dumping of waste into canals and other unauthorised places to the residents engineers and zero tolerance offices statewide.

He urged motorists to observe prescribed speed limits on the roads to avoid loss of lives and property during rainy season.

“Residents should always do more in environment maintenance and support,” Rotimi-Akidu said.