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Economists Task CBN on Effective Naira Exchange Rate

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 Economists have urged the Central Bank of Nigeria (CBN) to evolve policies to ensure effective management of the exchange rate of the naira.

The experts told the News Agency of Nigeria (NAN) in separate interviews that the steady fall of the naira against the dollar remained a cause for concern.

They said urgent and necessary steps must be taken to stem the slide and volatility of the currency in the foreign exchange market.

Prof. Ndubisi Nwokoma, Director, Centre for Economic Policy Analysis and Research (CEPAR), University of Lagos, said the apex bank must consider short to long term approach in the effective management of the exchange rate of the naira.

“In the short term, focus should be on efficient demand management of the available foreign exchange, which comes mainly from sale of crude oil.

“Incidences of political interference in foreign exchange allocation needs to be addressed and eliminated. Lots of round tripping is most likely going on presently.

“Tight controls are necessary in foreign exchange allocation. The widening gap between the official market and the parallel market is a sign that the demand management is ineffective,” he said.

He added that promotion of locally produced goods would help to minimise demand for foreign exchange.

For the medium to long term, Nwokoma said focus should be on effective supply management, noting that the current CBN RT200 foreign exchange programme was commendable in this regard.

He urged the federal government to initiate other programmes to diversify the sources of foreign exchange, and also harmonise the foreign exchange.

Akpan Ekpo, Professor of Economics and Public Policy at the University of Uyo, Akwa Ibom, said there was nothing wrong with the managed float regime that the CBN had implemented.

“The foreign currencies like the dollar and the pounds are not our monies. In addition the Naira is not a convertible currency.

“The CBN should watch the market and narrow the distortion between the I-E window and the black market.

“If the ‘market’ is to determine the exchange rate, the inflation pass-through would hurt the economy.

“In the long run the economy has to be diversified to produce and export non-oil goods and services and earn foreign exchange,” he said. (NAN)

Agriculture

Tiv Monarchs Give Herders Ten Days Ultimatum To Vacate Tiv Kingdom

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By David Torough, Abuja

The Tiv Area Traditional Council during its emergency meeting held yesterday in the palace of the Tor Tiv in Gboko requested the Governor Hyacinth Alia led administration to create an enabling environment to allow herders’ peaceful exit of farmlands in Tiv Kingdom to facilitate resumption of farming activities.

Consequently, the Council directs political and traditional rulers in each local government area of Tiv Kingdom to peacefully engage the herders to ensure their exit from the local government areas to allow farming resumes.

The Council which was chaired by the Tor Tiv himself, HRM Prof James Ortese Iorzua Ayatse CFR equally appealed to all herders in Tiv Kingdom in Benue State to vacate all Tiv lands before the end of May 2025 to allow farmers return and cultivate their farms in order to avoid the looming hunger in Nigeria.

According to a Communique signed by the Secretary of the Council Mr Shinyi Tyozua which deliberated particularly on the security situation in Tiv Kingdom the Council enumerated the communities worst affected to include those in Kwande, Katsina Ala, Logo, Ukum, Guma, Makurdi, Gwer West Gwer East and Buruku Local Government Areas.

The Council lamented that farming activities in the kingdom have ceased due to the occupation of farmlands by herders for grazing and attacks and killings of farmers who fled stressing that if the situation continues it will ultimately result to hunger in Tiv Kingdom and Nigeria as a whole.

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Agriculture

Ondo Govt. Destroys 200kg Seized Cocoa Adulterants

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The Ondo State Government, on Thursday, destroyed 200kg adulterants used for adulteration of cocoa beans, seized from a merchant in Ondo West Local Government Area of the state.

Mr Segun Odusanya, Permanent Secretary in the Ministry of Agriculture and Forestry (Forestry and produce sub section), supervised the destruction of the 200kg bags of seized adulterants.

Odusanya explained that the destruction was part of government efforts to ensure that the state maintained quality cocoa production in the country.

“Mr governor, Lucky Aiyedatiwa, has reiterated the commitment to ensure the state remains the highest producing state with good cocoa quality

“Anyone caught engaging in illegal activities will be prosecuted accordingly.

“Moreover, this action was embarked on to warn cocoa merchants, who intend to engage in illegal activities, to rethink before getting into it.

“We are going to seal any store caught in such illegal activities, the products will be burnt while the merchant will be prosecuted according to the laws of the land.

“If we are saying we are the highest cocoa producing state and we continue  to encounter this scenario, it will give us a bad publicity.

“The bad publicity will be in the country and extend to the international market, and we don’t want that,” he said.

The permanent secretary, therefore, commended Aiyedatiwa for graciously approving the recruitment of 60 new staff to checkmate the activities of cocoa merchants in the state.

“Mr governor has supported us, he has said we should recruit more people to guide against any adulteration and ensure we have a good quality cocoa beans.

“I must commended our task force committee for ensuring that the state holds its position in the country and the international market,” he said.

Earlier, Mr Tunji Akinnadeju, a Director of Produce (DP3) in the Grading and Allied Department of the ministry, said the adulterants were intercepted at Ondo West Local Government Area of the state.

Akinnadeju said that the owner of the adulterants took to his heels at the time of arrest.

“As we all know that cocoa is being sold in weight and after adding all these things, it will be sold at high prices, which is not good enough.

“So, doing that will bring a lot of damage to the image of the state and the country at large in the international market,” he said.

Also, Mr Sunday Adegbola, a Director of Produce Licensing in the ministry, said the merchants’ actions could affect people during consumption of the cocoa products, if care was not taken.

Adegbola, who pledged that the ministry would not rest until the state was free from adulterated cocoa beans, said the nefarious action could be attributed to the price tag at the international market.

“It is the price at the international market and the price is better for the farmers, not for the people who use adulterants.

“With this action, many people will drink cocoa as a chocolate powder and other materials from cocoa beans which has been adulterated.

“The consumption of these chemical products will also affect humans,” he said. (NAN)

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Agriculture

NNPC Foundation Empowers Vulnerable Farmers in Oyo, Osun

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No fewer than 500 farmers on Tuesday benefited from the NNPC Foundation agricultural training initiative for vulnerable farmers in Osun and Oyo States.

The training, marking the flag-off in the South-West zone of Nigeria, was held at the Ilora Baptist Grammar School, Ilora, Oyo State.

The foundation manages the Corporate Social Responsibility (CSR) initiatives of NNPC Limited, focusing on education, health, environment and energy access to communities nationwide.

The Managing Director of the foundation, Mrs Emmanuella Arukwe, said the initiative demonstrated the commitment to food security and economic empowerment for Nigerian farmers.

Arukwe, who was represented by Dr Bala David, the foundation’s Executive Director, Programme Development, said the project aimed to build resilience, boost productivity and promote sustainable agriculture.

“We are training 6,000 farmers across six zones in climate-smart practices, modern techniques, quality inputs, and market access,” she said.

She, therefore, urged farmers to participate actively and embrace the opportunity to help secure Nigeria’s food and economic future.

Mr Olasunkanmi Olaleye, Oyo State Commissioner for Agriculture and Rural Development, commended NNPC Foundation for the training and empowerment programme.

Olaleye, who was represented by Mr Olusegun Ezekiel, the ministry’s Director of Regulation and Enforcement, said empowering vulnerable farmers was crucial in addressing national food security challenges.

He added that the initiative aligned with Oyo State’s agricultural transformation agenda of Gov. Seyi Makinde.

“We remain committed to supporting initiatives that uplift farmers and improve productivity and livelihoods,” Olaleye said.

He encouraged participants to make the most of the training opportunity to improve their practices.

He also called for future collaboration between the foundation and the ministry to achieve greater impact.

The training consultant, Prof. Daniel Ozok, described vulnerable farmers as smallholders with an under-five-hectare farm size, mainly made up of women, youth, and the elderly.

“These farmers are most affected by climate shocks, hence the need for focused training,” Ozok said.

According to him, training equips them with modern techniques and strategies for improved productivity and market access.

Some of the participants expressed gratitude to NNPC Foundation and promised to apply the knowledge gained from the training.

NAN reports that a medical screening exercise was organised by the foundation for participants on the sidelines of the training.

Training initiative would later be held for farmers in Ekiti and Ondo States on a date different from that of Ogun and Lagos States. (NAN)

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