News
Katsina state on Wednesday announced her first suspected case COVID 19, since the outbreak of the Global pandemic early December last year
The Permanent Secretary of the State’s Ministry of Health, Dr Kabir Musptapha told newsmen during a briefing, that the patient who is presently on self isolation returned from Malaysia and developed symptoms that warrants further investigations.
He further disclosed that the patient’s samples have been taking and that results were being expected by tomorrow adding that contact tracing will commence as soon the test results are out
He said ‘’the ministry is taking all precautionary measures and closely working with the National Centre for Disease Control (NCDC), on the matter’’.
According to him, the patient’s history of travel was a high index and the symptoms reported at the clinic prompted actions noting that since his arrival into the state, the patient was taken into personal protection by using face mark and self isolation, TheNation report.
He advised people of the host community of Dutsinma town to be cautious of movements and gatherings saying that people should feel free to seek medical attention as all precautionary measures are in place to provide medical support.
Nigeria is increasingly exposed to the deadly coronavirus.
That is the stark reality that confronted Nigerians on Wednesday as government responded with a massive travel ban on 13 countries, including the USA and United Kingdom and suspended visas on arrival policy.
Five new cases of coronavirus just confirmed in Nigeria by the Federal Ministry of Health were imported from the USA and United Kingdom, increasing the cases in Nigeria from three registered in Lagos to eight nationally.
Three of the confirmed cases, two of them Nigerians, a mother and her six-week old baby arrived from the US. Another two cases, all Nigerians arrived from the UK, PMnews report.
Government did not indicate where the cases were found. {loadmoduleid 192}
“A detailed travel history of each case is being compiled & contact tracing has begun
“Our National Emergency Operations Centre is supporting response in the states
“The Federal Government through the Federal Ministry of Health is conducting risk assessment to initiate other relevant measures”, said a tweet by the Nigerian Centre for Disease Control.
“We urge Nigerians to remain calm as public health response activities are intensified across the country”, NCDC said.
The first index case of the virus is an Italian from Milan.
Hence, the Federal Government announced entry restriction for travellers from the US, Italy and the UK.
Other countries affected are China, Iran, South Korea, Spain, Japan, France, Germany, Norway, Netherlands and Switzerland.
These are all countries with over 1,000 cases domestically.
“The Federal Government is temporarily suspending all visas issued to nationals from these countries. Nigerians arriving from these countries will be subjected to supervised isolation for 14 days.
“The Federal Government of Nigeria is also advising all Nigerians to avoid travel to these countries.
“These restrictions will come into effect from Friday 20 March 2020 for 4 weeks subject to review”, said Boss Mustapha, secretary to the Government of the Federation, who also chairs the Presidential Task Force on Covid-19.
The Federal Ministry of Health on Wednesday announced five new cases of COVID19 in Nigeria, bringing the total number confirmed cases in Nigeria to 8.
All five cases had a travel history to the UK/USA.
I regret to announce the confirmation of 5 new #COVID19 cases in #Nigeria bringing the total no. of confirmed cases to 8
— Dr. E. Osagie Ehanire MD, FWACS (@DrEOEhanire) March 18, 2020
We have intensified contact tracing for these cases to control the risk of spread and @NCDCGov is already supporting the response efforts pic.twitter.com/pJNaU2KLln
Details shortly...
Concerned authorities in Nigeria have been called upon to ensure thorough investigation and Open Justice, on the recent invasion of Imasayi Township in Ogun State, by officers of the Joint Task Force.
The Imasayi Descendants Association Abroad, comprising Imasayi people in the United Kingdom, North America and other European Countries made this call, in a press statement signed by its President Dr Toye Moses and its secretary Mr Tunde Elegbede, while reacting to the military invasion which led to loss of lives and properties .
The Imasayi Descendants Association Abroad, while urging government to protect the fundamental rights and dignity of its people said, "Imasayi people do not harbour criminals and those found culpable should be punished for their crimes while innocent people of the town should not be intimidated or harrased as they go about their daily activities".
According to the statement, " authorities concerned should conduct their investigations with respect to the fundamental human rights of the people of Imasayi and our dignity. We also call on them not to intimidate and harass the innocent people of the town as they go about their daily lives."
"We implore the authorities to leave no stone unturned and deliver true, swift and open justice in their investigations in the alleged crime that led to the invasion. We the people of Imasayi believe in justice, law and order. Anyone found responsible and complicit in the breaking of the law and in committing the ultimate crime of homicide should be dealt with the utmost power of the law."
The Association commiserated with the families of those whose lives were untimely cut short during the ugly incident between the military and the people of Imasayi.
It also expressed gratitude to the Governor of Ogun State, Prince Dapo Abiodun, the paramount ruler of Yewaland, Oba Kehinde Olugbenle, the Olu of Imasayi, Kabiyesi Adesola Oni, Senator Tolu Odebiyi and others for their momentous roles in bringing a peaceful resolution to the crisis.
Chief Segun Oni, a former governor of Ekiti and also former National Deputy Chairman of APC, on Monday confirmed that he was dumping the party to rejoin the PDP.
Oni, who was suspended by the APC for anti-party activities since May 2019, spoke to journalists in Ado Ekiti.
The 65 year-old politician claimed he was leaving the APC due to ill-treatment and lack of respect for his person by the party.
He also alleged that he was shabbily treated by the APC, adding that he and his supporters were ostracised from all engagements including appointments and privileges to contest elections.
Oni, however, did not give the actual date he would formally defect to the PDP. Oni was elected governor of the state in 2007, but the victory was challenged by Kayode Fayemi, then of the Action Congress. The case dragged for several years, with elections ordered to be re-run in some LGAs by the courts. Eventually in 2010, the Appeal Court ordered Oni to vacate the seat for Fayemi.
Both Oni and Fayemi contested for the APC ticket two years ago. After losing the primary to Fayemi, Oni took Fayemi to court, alleging that Fayemi was not qualified to contest, having failed to resign his ministerial position. The case went all the way to the Supreme Court. Oni lost the case.
Oni said he had already started meeting with critical stakeholders in the PDP such as former Gov. Ayodele Fayose and Sen. Biodun Olujimi about his resolve to return to his former party.
According to him, the need to take the decision to return to the PDP became imperative as a way of acceding to the request of his loyalists desirous of taking the hard political step.
” You all knew the kind of treatment I have been getting so far. As we speak, none of my supporters was being allowed to get appointment or contest elections in APC.
” Even if the APC gives me the whole world, I won’t be happy seeing integral part of my political life, I mean my supporters being treated badly as we have come to find it
” You can imagine, at a particular time, I was suspended in my Ward at Ifaki Ekiti and nothing was said about it.
” Apart from politics, I am the Asiwaju, a high title holder in my town; if someone can have the effrontery to do that to me here, you can see it has sent a signal that there is a problem.
” It’s not about Segun Oni, my people and supporters are the main issue.I can confirm to you that we have taken a decision and we are in the process of joining the PDP.
”We are going to set up implementation committee to work on our programme of actions. Our joining PDP is not something that will take three months. I am not that kind of a politician that will rush at things, we can’t just go back that way.
” There must be proper planning. We are carrying out local government by local government counting of those that will follow us.
” I am not alone in this. Those who took the action for me were my supporters across all the local governments areas and 177 wards who feel bad about the whole scenario in APC. But the major thing is that we are moving, we have taken a decision to go back and on that we are working on,” he said
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PMnews
Pastor Chris Okafor of Mountain of Liberation and Miracle Ministry, aka Liberation City, Ojodu Berger, Lagos has dissociated himself from claims of performing fake miracle on a woman, Bose Olasunkanmi, alleged to have been paid for the purpose.
Five pastors, including Pastor Okafor, were alleged to have paid and used same woman with disfigured arm to perform similar fake miracle.
The news of the fake miracle supposedly performed on the woman with disfigured hand trended on the social media and some national dailies recently.
Pastor Okafor, while addressing reporters in Lagos on Monday through his couansel, Monday Ubani, denied claims that the woman was paid N400,000 for the miracle.
He maintained that the money given to the woman was to empower her start a new life.
According to the pastor, “The recent story in a national daily and online platforms that the sum of N400, 000 was paid to her for a fake miracle is not true.
“The lady in question came to church like every other person and the said programme through which she was healed was shown on a live television and there was nothing to hide because it was not only the woman that was healed.
“The church is not new, it’s been in existence over 10 years and the members who keep increasing have experienced the touch of God one way or the other. So there was no issue of arranging any miracle to anybody”, he said.
On the money paid to the woman, Pastor Okafor said when the news broke, it was discovered that the woman had been going to other churches and that when confronted, she said it was poverty that made her do it and because she is a widow.
TheNation
Aare Onakakanfo of Yorubaland, Iba Gani Adams, has urged the Lagos State Government and Federal Government to conduct a thorough investigation of the Sunday explosion in the Abule Ado area of Lagos State to determine what really happened.
The OPC leader who is also the immediate past chairman of the community development association of the affected area visited the scene to inspect the level of damage in the area on Monday.
Adams while addressing journalists said the explosion is beyond pipeline accident, describing the level of damage as a “collateral and devastating loss, which is similar to that of Syria and Iraq.
In his words, “I have a house here and I lived here for 15 years before I left for Omole Phase 11. What happened here is serious collateral damages, it’s devastating.
“What happened here we can compare it to what happened in Syria or Iraq,” he said.
“The governor of the state has been here this morning (Monday) and he has done the right thing by moving the sum of 2billion naira to compensate those who are victims. But I will appeal to the state government and federal government to do a thorough investigation of the incident in this area because I don’t believe it is from a pipeline explosion.
“I have lived here for 15 years, I have witnessed two episodes of that nature, it doesn’t shake the foundation of a house. The information at my disposal since yesterday was that when the blast came it affected Agbaara, from here to Agbaara, Surulere, and Badagry.
“So if anybody is trying to explain to us this is a pipeline explosion, you have to think twice before issuing that statement. I am suspecting something beyond that but the government has to give us the true information about what happened here,” he added.
Adams also sympathize with the victims of the accident and urged the government to give its citizens adequate information in case of future occurrences.
“The victims that died in this incident cannot be quantified. In the media yesterday, we read 15 but from this morning, it’s more than 50 and human life is precious. As a government, you have the right to protect life and property so you need to give us adequate information so that other areas can prepare in case something like that wants to reoccur.”
“I thank Lagos govt for responding quickly to the need of the people and giving them hope, although no amount can resolve what has happened here on Sunday, but for him coming here and even promised them that most of the damages will be taken care of. I think that’s the less hope we are still expecting.
“The most unfortunate part of it is that Elder Obi acting chairman of the landlord association died with his wife and two children and a lot of people were affected. This is unfortunate.”
PMnews
The Lagos state government has confirmed a third case of coronavirus in the state.
Akin Abayomi, the state’s commissioner of health, disclosed this at a press conference, on Tuesday.
This development comes days after the state government confirmed that the second case was now free of the virus.
- This is a new case independent of the index case, a 30-year-old Nigerian, female. Returned from the UK on 13th March. She Observed self-Isolation and developed symptoms. She tested Tested positive for coronavirus and now at Mainland GH receiving care.
Breaking!
— LSMOH (@LSMOH) March 17, 2020
Third case of #COVID19NIGERIA confirmed in Lagos.
- This is a new case independent of the index case
- 30 year old Nigerian, female
- Returned from the UK on 13th March
- Observed self-Isolation, developed symptoms
- Tested positive
- Now at Mainland GH receiving care pic.twitter.com/f8osZk4Ba4
TheCable
A former governor of Niger state, Mr Mu’azu Babangida Aliyu, and two others standing trial along with him at Niger State High Court for alleged corruption since 2017 have been declared not guilty.
The two others are former Chief of Staff, Government House during Aliyu’s administration, Mr Umar Nasko, and the state’s Peoples Democratic Party (PDP) Chairman, Mr Tanko Beji.
The trio were being tried for alleged diversion of N2 billion ecological fund.
The case had lingered for over three years and had witnessed three separate trial judges presiding over it at different times.
Last month, counsels to the plaintiffs - Niger State government and the Economic and Financial Crimes Commission (EFCC) - announced their withdrawal from further prosecuting the case before the court.
However, the defence counsel insisted that the prosecution should equally declare it had similarly withdrawn from the case to determine its fate before the court.
At three different sittings of the court, the prosecution counsel did not appear before the court, neither did they send any representation to pursue the case. The three lead defence counsel - Mr Ayodele O. Ayodeji, Mr Ibrahim Ishaku, and Mr Mike Mamman - had urged the court to discharge and acquit their clients because the prosecution had failed to appear before the court on three previous occasions.
At the court sitting on Monday, the trial judge, Mr Mukha’ila Abdullahi, said the court had diligently followed the arguments of the defence counsel and had arrived at the conclusion that the court could not act or serve as prosecutor in the case.
Newspot
Northern Nigeria accounted for 87 per cent of all poor people in Nigeria in 2016, World Bank has disclosed in a new report.
The report titled ‘Advancing social protection in a dynamic Nigeria’, released on January 28, 2020, was described as a ‘detailed analysis of the social protection sector’ in the country.
The report noted that social protection measures implemented by the government in Nigeria had not been able to address the high level of poverty, as well as the negative impact of conflicts and natural disasters.
In the comprehensive report, obtained by one of our correspondents, World Bank observed that although Nigeria was a richly endowed country, it had a larger proportion of the world’s extreme poor than any other nation.
The report further noted that most of the poor in Nigeria were found in the Northern part of the country.
Northwest, specifically, was described as home to almost half of all the poor in the country.
President Muhammadu Buhari is from Katsina, a state in the North-West, which like other parts of the North, has produced a larger proportion of Nigerian leaders.
Looking at inequality in the country, the report said, “Nigeria experiences high inequality along geographic lines, with poverty mostly concentrated in the North and in rural areas.
“Poverty in northern regions of the country has been increasing, especially in Northwest.
“Almost half of all the poor lived in Northwest and the North accounts for 87 per cent of all the poor in the country in 2016.”
“Poverty rates in the southern zones were around 12 per cent with little variation across zones. Southsouth zone saw the most significant drop in poverty from 2011-2016.
“Poverty was significantly higher in rural areas of the country in 2016. An estimated 64 per cent of all poor lived in rural areas and 52 per cent of the rural population lived below the poverty line in 2016. In contrast, the poverty rate in urban areas remained stable at 16 per cent between 2011 and 2016.”
Painting the picture of a relatively prosperous South and an impoverished North, the report stated, “Regionally, the North lags far behind the South in every human capital outcome.People in the Northern regions are also more vulnerable to falling into poverty. The report established a link between poverty in the North and the Boko Haram insurgency.
According to the World Bank, most of the youth recruited by Boko Haram are jobless, a development which made them more prone to radicalisation. It noted that activities of Boko Haram insurgents in Northeast since 2014 had created a sense of ‘failed political promise’.
It added, “Disasters and conflict have displaced many Nigerians, especially in Northeast. According to estimates provided by International Displacement Monitoring Centre, there were more than two million internally displaced persons in Nigeria as of 31 December 2018.
“In 2018 alone, more than 600,000 Nigerians were displaced due to natural disasters and more than 540,000 were displaced due to conflict and violence.
“In Northeast, the emergence of the militant Islamist group Boko Haram since 2014 has not only caused large scaled displacement, but also several incidences of kidnapping, death, and injuries, and the erosion of social contract due to widespread perception of a failed political promise. Poverty and deprivation have played a central role in fostering a social divide.
“The youth used by Boko Haram to partake in the conflict are jobless, without skills, or trades, and are easily susceptible to radicalisation,” the report said.
World Bank added that besides conflict, climate related factors had caused additional displacement in the North and the Middle Belt regions of the country.
In 2018, flooding affected 80 per cent of the country and triggered more than 600,000 new displacements.
The report said, “Social protection measures in the country are neither well-suited to respond to conflict, nor well-placed to anticipate and mitigate the risks of natural disasters caused by climate change.”
Weak governance, lack of basic infrastructure, poor quality of education, and poor social service delivery, were identified as some of the reasons for the high level of poverty in Nigeria.
According to the report, “Poverty remains high in Nigeria due to its dire social service delivery outcomes and lack of basic infrastructure.
“Nigeria has the highest number of out-of-school children of primary school age in the world with nine million children out of school.
“There has been little change in vaccination rates over the last 25 years and Nigeria is set to overtake India as the country with most under-five deaths in the world.”
World Bank added that 71 million Nigerians lacked access to improved water, while 130 million people did not meet the Millennium Development Goal standards for sanitation.
However, the situation is worse in the Northeast and Northwest, where only around 25 to 28 per cent of households have access to basic services such as electricity, water, and sanitation.
World Bank further observed that number of Nigerians living in extreme poverty went up from 2011 to 2016.
The poor in Nigeria lag far behind the rich in every human capital outcome, according to World Bank Human Capital Index, where Nigeria ranked among the worst seven performers.
It noted that the rate of poverty in Nigeria increased from 35.0 to 38.8 per cent of the total population from 2011 to 2016.
In the same vein, the report pointed out that, despite Nigeria’s middle-income status, almost four out of 10 citizens lived below the national poverty line in 2016.
Between 2011 and 2016, the total number of people living in poverty increased from 57 million to 74 million, World Bank added.
Punch
More...
At least 30 persons, mostly travellers, stranded outside the military-controlled entrance gate of Maiduguri were on Sunday night killed by suspected Boko Haram insurgents.
Governor of Borno State, Mr Babagana Zulum, confirmed the gruesome massacre of the travelers on Monday when he visited the site of the attack in Auno, a village 24km away from Maiduguri city centre.
The insurgents also abducted many travelers mostly women after setting vehicles ablaze.
Recently, soldiers of the Nigerian military in Borno State erected a gate that they lock at the curfew time, which is 6 pm.
Often, long distant travellers are forced to spend the night outside the barricade till 6.a.m. the next day, when the gates are opened.
The military mounted gates, designed to check the influx of Boko Haram insurgents at night, have been widely criticised by members of the public who worried that making travelers sleep in the bush could expose them to serious danger.
On Sunday, many travelers had to pass the night in Auno, after the soldiers locked the highway.
Witnesses in Auno said the attackers crept out in large numbers around 10 p.m.and opened fire on them while they were sleeping inside the vehicles.
“The gunmen killed more than a dozen and injured others,” a survivor said.
“They also burnt 18 buses and cars and took away other travellers.”
Zulum, who visited the scene early Monday morning, met some of the vehicles still burning.
“Some of the vehicles had charred corpses of travelers, including children,” said a government official who does not want to be named.
“We were told more than 30 persons were killed.”
Zulum, accompanied by Garrison Commander 7 Div Nigerian Army, sympathised with the victims and assured them of his and President Buhari’s administration’s “commitment towards ending the war. ”
“I saw some three bodies that were burnt on the ground. I counted about 21 vehicles that have been burnt,” a commercial driver, Mr Yunusa, who witnessed the incident, said.
PT
The Borno State Government has said about 1,400 repentant Boko Haram suspects have been released by the military and rehabilitated into the society.
The Borno State Commissioner for Information, Babakura Jato, made this known in an interview on Monday that 1, 400 had been released in three tranches since the ‘Operation Safe Corridor’ programme began.
The media reports that although the programme began in 2016, it wasn’t until 2018 that the release of the suspects began.
Jato said most of the persons released were not actually Boko Haram members but were relatives of terrorists or persons found in the wrong place at the wrong time.
The commissioner said, “There have been a series of releases. They were released in three tranches. The first set was released during Governor Shettima’s time while two sets have been released under Prof. Zulum.
“The total number of persons released is 1,400. Out of the 1,400, the majority of them are cleared suspects.
These were people who were suspected of being members of Boko Haram and it was discovered that they were not.
“The rest are children of Boko Haram or actual Boko Haram members. I cannot give you a breakdown of the figure now for security reasons.”
The government’s spokesman said he was aware of allegations that some of those released had gone back to terrorism but argued that most of these allegations were mere speculations.
Jato said after the training, they were handed over to the Borno State Government for proper integration into their communities.
He stated that if any person was rejected by his community for being a former Boko Haram member, the government would resettle that person.
When asked if there were recorded cases of someone going back to join Boko Haram, he said, “I have not heard of that but we have had cases whereby people in the community rejected them. So, they return to the rehab centres and we change their location.”
Meanwhile, the President, Military Widows Association, Mrs Vera Aloko, has expressed satisfaction with the Operation Safe Corridor programme.
Aloko said military widows would support anything that would restore peace.
She said, “It is true that our Vice-President, Mrs Idith Opesanmi, faulted the Federal Government’s decision to release more repentant Boko Haram members. However, she spoke in her personal capacity and not for all military widows. We support the government and any policy that can restore peace.”
Punch
There were indications on Sunday that South-West state executive councils would on Wednesday discuss the bills on Amotekun corps.
It was gathered that a security network agency would be established in each state to oversee the Amotekun corps.
Ondo State Attorney General, Mr Kola Olawoye, said after the passage of the bill, each state would apply to Inspector General of Police, Mr Mohammed Adamu, for a gun licence for the Amotekun corps.
South-West governors, had at a summit organised by the Development Agenda for Western Agenda on January 9 agreed to set up Operation Amotekun to address killings and kidnapping in the zone.
Federal Government initially said the security outfit was illegal, but during a meeting in Abuja attended by Vice-President Yemi Osinbajo; Southwest governors and Attorney General of the Federation, Mr Abubakar Malami, both FG and the governors agreed that the Southwest states should give a legal backing to the security outfit.
Attorney General and Commissioner for Justice in Ekiti State, Mr Wale Fapohunda, in an interview with our correspondent, confirmed that the bill for a law establishing Amotekun corps provided for the establishment of a security network agency to oversee the operations of the corps.
Fapohunda, who said the Amotekun bill for Ekiti State was ready, stated that the state Governor, Mr Kayode Fayemi, had directed that it should be presented to the state executive council on Wednesday.
He said, “We have drafted a bill that is concise and comprises only the most necessary provisions.
Community policing is an important component of the proposed Ekiti State Amotekun Law.
“The key features of the Ekiti State Amotekun Law include the establishment of Ekiti State Security Network Agency that will oversee the operations of Ekiti State Amotekun Corps.”
He said the bill also provided for “the establishment of an independent Amotekun Corps Complaints Board to expeditiously inquire into and report any matter regarding the conducts of Amotekun corps, specifically as it relates to abuse of power including corruption and human rights violation.”
Explaining functions of the Ekiti State Security Network Agency, Fapohunda said besides overseeing Amotekun corps, it would “collaborate with and assist the police and other security agencies in maintaining law and order.”
He added that it would make available to the police and other security agencies relevant information on crime and crime-related activities, suspicious activities and suspects.
The AG added that the agency would undertake “routine day and night patrols on major roads, remote areas, hinterland, forests and inland waterways.”
According to Fapohunda, it will ensure that offenders are identified, arrested, registered and promptly handed over to the nearest police station or post.
He also listed the functions of the agency to include “disarming unauthorised persons in possession of arms and other dangerous weapons.”
Fapohunda added that it would also render prompt assistance to crime and accident victims as well as undertake joint operations with the police and other security agencies.
On his part, Ondo State Attorney General and Commissioner for Justice, Olawoye on Sunday, said the proposed law was given to the state Governor, Mr Rotimi Akeredolu, on Saturday, after the Friday meeting of the AGs.
He said, “We harmonised the bill and we gave a copy of the bill to the governor yesterday (Saturday). It will be presented to the state executive council where it will be deliberated upon after which it will be sent to the House of Assembly.”
On the time it would be sent to the legislature, Olawoye said the speaker of the Assembly would get the bill after its approval.
He also explained that the security outfit would be called Ondo State Security Network Agency “but it would be driven by Amotekun corps. It will be replicated in other South-West states.”
Olawoye also said each state would apply to Inspector General of Polic for a gun licence for the Amotekun corps.
It would be recalled that the police warned Amotekun operatives against carrying firearms. They said Oodua Peoples Congress members and hunters working as Amotekun operatives could only carry Dane guns, which do not use cartridges.
But Oyo State Attorney General, Mr Oyelowo Oyewo, who briefed journalists after the AGs’ meeting in Ibadan on Friday, said, “Carrying of arms is legalised by the law and Amotekun outfit will comply with all the laws of the land.”
Olawoye said, “A section of the bill stipulates that the Amotekun corps will be carrying arms licensed by Inspector General of Police, in line with the Police Act. Each state will apply for the licence. After the law has been made, we will apply to the IG for the licence for the corps. Each state will have a corps commander, who will be in charge of administration, operational guidelines and other things.
“The agency will have a governing board. The commander will be a member of the board. The commander must be a person of proven integrity, who will be a retired military or police officer of 10 years cognate experience. This is how it will be in other five states. The corps commanders of the states will be meeting if the need be. I am sure the individual state should be able to pass the law before the end of the month.”
Punch
Cost of funds is expected to decline further this week in response to massive liquidity inflow of N1.3 trillion into the interbank money market.
Last week, short term cost of funds fell by 870 basis points (bpts) to 5.9 percent from 14.65 percent the previous week.
Specifically, interest rate on Collateralised (Open Buy Back, OBB) lending fell by 850 bpts to 5.5 percent last week from 14 percent the previous week.
Similarly, interest rate on Over night lending fell by 897 bpts to 6.33 percent from 15.3 percent the previous week.
The sharp decline in cost of funds was triggered by inflow of N327.6 billion from matured secondary market (Open Market Operations, OMO) treasury bills, which cancelled the impact of outflow of N128.2 billion through OMO TB sales conducted by Central Bank of Nigeria (CBN).
This week, the interbank money market will enjoy massive inflow of liquidity estimated at N1.3 trillion.
This comprise N606.4 billion from maturing FGN Bonds, N440 billion from maturing OMO TBs, N158.8 billion from maturing Nigeria Treasury Bills (NTBs) and N47.17 billion from bond coupon payment.
These inflows, according to analysts, will prompt further decline in cost of funds this week.
In their forecast for the week, analysts at Cowry Assets Management Limited said: “In the new week, T-bills worth N595.27 billion will mature via the primary and secondary markets which will offset T-bills worth N154.38 billion to be auctioned by CBN via the primary market; viz: 91-day bills worth N4.38 billion, 182-day bills worth N10.00 billion and 364-day bills worth N140.00 billion. Hence, we expect the stop rates to decline marginally amid increasing demand for the instruments.”
Making similar projection, analysts at Cordros Capital said, “In the coming week, we expect money market rates to remain within the single digit band as OMO maturity worth ¦ 440.9 billion is expected to flow into the system.”
Naira depreciation persist as CBN injects $428m Meanwhile the naira, last week, depreciated for the second consecutive week in the Investors and Exporters (I&E) window of the foreign exchange market.
Analysis showed that the naira fell by 40 kobo as the indicative exchange rate of the I&E window rose to N364.37 per dollar last week from N363.97 per dollar the previous week.
However, volume of dollars traded in the window (turnover) rose sharply by 118.5 percent to $2.1 billion last week from $966.2 million the previous week.
Naira also depreciated by 30 kobo in the parallel market as the exchange rate rose to N358.3 per dollar last week from N358 per dollar the previous week.
On its part, CBN ramped up its efforts to defend the naira, as it increased weekly foreign exchange intervention to $448 million last week from $210 million.
In addition to the $210 million injected into the interbank foreign exchange market on Tuesday, the apex bank on Friday, injected $218.4 million through the retail Secondary Market Intervention Sales (SMIS).
The apex bank also injected CNY 18 million in the spot and short-tenored forwards segment of the inter-bank foreign exchange market.
According to the apex bank’s Director, Corporate Communications Department, Mr Isaac Okorafor, the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.
Okorafor further expressed satisfaction over the stability of the foreign exchange which, according to him, was largely due to sustained intervention by the bank.
He assured that the CBN Management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange, stressing that the stability in the foreign exchange market continued to attract investors.
External reserves continue downward trend to $37.7bn Meanwhile the nation’s external reserves continued its seven months slide as it fell to $37.725 billion last week Thursday.
Data from CBN showed that the reserves fell to $37.725 billion on Thursday, February 6, from $38.056 billion on Thursday, January 30.
This translated to week-on-week (w/w) decline of $331 million, up by 68 percent from the w/w decline of $197 million recorded the previous week.
Vanguard