WEDNESDAY JULY 6,
Money & Markets
Pages : 21, 22 & 23
Appointments & Mgt
Pages: 28, 30, 31 , 32, 33, 37 & 38
Transport
Pages: 39, 43, 44 , 46 & 47
enc:ountered by ~ in Ifan5porta'Ig the items !rom the !arms to m<IfOI' 0lJe:5 Iilu<! lagos. where they \Wre heavily
~"'""".
Lao..o."aI said, "Transporters with big Iomes from ~ soun::es nave abo refused 10 ~ OOA-Tl to lagos ~ of the fear d. ~aI the!r profits on the roods.
Tomato, pepper prices rise by 100% as flood destroys farms Ro nke Badmu5
M
• Housewives lament, adopt survival strategies
ANY Nlgt'rian households rMY be In lor a hard time as the
prices 0 1 some 50Up ingredienl5 have inc:lmsed by over tOO pel" cent In recent ....tiks d Ull 10 flooding in some parIS 01 the oounb)'
The slIuatioo has lOI"Ced many ~1IiI.'E:S
10 ~ different 5I.lrvival stmtegies 10 <Xlpe wilt! the esr.aIaIlng pnce; ., vilM< of fixed fox! aIIoo.''<'Ince5. An investJgtIlUl b; OUf OJiIE:sj ......:leill ~
that IIooding
some key food r,nxIudng ~ i'I the Nath.....as
i1
slates, ~
responsible b the Iale5I rise in the prices ol major lOad IIems at105IS the oountry. The prices of IonWo. pepprr and other soup lf9'!dienl5. it was ~t1'1e1l.'d. 5IaI1ed shooting up in June. which
""~
Abigbask!tcllcmi5loes tlt te r.ue 12 r-L:m!t. "-hid! msI N6,an in Ppi no.o.t d b Nl UDl,lI'I 83 per 0lfII roease.. The $WWy by our COiIespJiw,1 lII50 st-o.wd IhaI it big basket d. ttta;he (pepprr), MUch no.o.osells IorNIS.OOl on !he ~ sold lor N7 olD) througv:IUI the serond quarter of the ~ This rnpresents a lit! pel'" cent increase. 5mIMy, crvrocb, <n:lCheJ variety eX pewet .....mil d::I for NJ,OC:O a I:laget !OI'Tle months twX. is now berg sc*l for
tomato and onion ~ of the iterm in sane o f the TTWkets visiced by our correspondent betv.oeen f'T'd1Iy and ~, said that they had 10 ffi/!lke do with smaI (JJilntitie5 of the prodx:e COIl\.~'I!d by
""""""" Same 01 the traders
at the Mae 12
MarlIet lIttnbuted the increiIs.e in prices 10 hea\.y tamfall and the resultant floods.. II hith had washed i!'.I.'i!y large quantilies of T1le c;rop:s before they muId be hane1ed from the farms. Apart from the I\ood problerns. 0l.Il" COI.S"'.... de.~ Mo gatheNd !hat the high oost of transportation also ronlributed 10 the escalating picII!S of the ,ogredients The SlluallOn. « cording 10 badet$. is bnng 0aC£I'ba1ed by E!ldortion at the many polK!! chedIpoInl5 on the way 10
N6,OOl ~al i1a&lseol iOO pet aml rb.1.0oet the prioo d mOl ~ rose by 31 per cent. from N6.500 10 N8...~Xh.. Uhin the Si.'Ime period, A pepper seller at Mile 12, J'.lr. Omocayo Llu-al.. 1A.+o mnflmled the adjuslment in the pnaIS of the inga;Iients.. atlOOuled lhedewlopnlefll 10 the recent hro\.y !ainfaD acro!i5 lhe COlIntty, lidding Ihal. ~ \UeJ'e afraid to cultivate new crop!! because they remrded heavy kme:s as a result
"'-
He also 51Iid thlII the high
~
were as a result of the difficuJtie:s being
the food aIoo,o,.'iIfQ. "So. \Vhen I cannot afford fresh tomatoes. I buy lin lomatoes: lind when I cannot alford fresh olarodo, I go fOI dried pepper. ~
CBN disclaims UBA's new minimum account balance
indd!mlally .... itnessed he<1l.y rainraR in
most partS ollhe cwnlly. The number of ~ thai convey the irgedients 10 l...ago5 Met other parts of the munby has CXlI"I5ideRIbI reduc:ed. ~, Jeacfing 10 the scarcity 01 iterrislikedilfemlt varietiesol pepper.
in addition 10 the adivitie5 cI
"Some 01 them, lA.ilo 1T\Mage to bring the ingredients. have to CO\IeI' the W!iE!:S so that policemen and lax ooIIeaon \\oil not kno.v what Ihey &Ie CNf\.'ing. Look <II me Il()I'N; I can only a/Jord 10 SId only Ofle ingredient, This will mnIlnuI! unfJI the price of the othft ~Is rome doo.vn. maybe after the tairung season.~ ~I don't ewn Vo0nIIO \<noN !he oost: I hiM! to wi al any prioe they bring in Older \0 earn a INing Mel feed my Iarniy,~ anoIher pepper seller, who sin'PY idmtiIied himself as Semiu. said. An orion seDer. AIhIIji Mohamrni14 ~, said that aparIlrom the IIooding problem, old onion bub IA.~ uswIy eJlpemive at this time. adding that the price would rome tb.vn when ne\.\1 one5 started coming oul MeMA-hie, ~ <lie now adopting diffmml IT1I:!Ihods 10 cepe with the situaIion. Many households now buy little quantiUe5 of fn5h ~ and mmbine them with dried pepper and packaged tOlT\lltoes in CiU\5. A businesso.voman, toils. Nike OIMmji., said that the situation was getting unbea'abIe. aa.ting. "II has not helm ~ ~ hiMng 10 ~ the monthly aIb.o.anc:e IM!I'Y lime. I M..'e to do a kit d explanation to convJnOII! my husband to Il'IO'eMie
ireally i O n ub a, A buJa HE Central Bank of Nigeria. on Tuesday. distanced il5elf from the N25.0IXl new minimum accounl baIlInce poIky recenlly announced by the rronagement o f the United Bank for Africa PIc.
T
TheDeputyGovemor,Operations. CBN. Mr. Tunde Lema. mOOe the ~tion of the apex ~k knoo.o.Tl in Abuj<l while briefing joulnClilsb on the CBN' 5 readinm to Implmtenl its new <aSh collection policy. He sa.id thaI the CBN would invite the mllriagement o f UBA to explain the R!ason for introdUCIng such II policy.
Lemo said. "The UBA's
N25J))) minimum cash baIanu policy is not a
Central Bank of N'~'$ policy We do not prescribe ho.v banks condud lhelr busines1; up to a point that we ~n to specify the aca:xmt b&lInces of bank customel1 ~We generally would not be to see the banking 5>jStem
conducting its
activi~
moaII~-
to
• We are not under fin ancial stress - Bank He added, 'We WID also fmc! out from UBA what the policy is all about. ~ !hey are looking lit the fad that \,\Ie havE dose 10 1,000 miaofrnance banks lind beca\J!e the CU!itome~ already have a1temattveS.
"We lire going to find out from them because I""" don', have lhe fad other than what we have
~"""'" Meanwhile.
~ad
in the
has refuted aiJeglIlions lhat il wt the new minimum ~ 1n order (0 COV'el' USA
some holes in it!; balance sheet. The bank's OIange Manager, Mr, Ben Oduk...... e. told journalists In Lagos. on Tuesdll\l. thai the bimk was not finanoaDy dislressed. 1IlgUing that "l,BA is the mOSI liquid banking inst1tution around. Our liquidity is over 40 per cenl ~ He reileTilted that the new balance ....,co1d not affect salary accounts. noting that 1M idea ,,·":as 10 encou~ savings cuJture, promoIe the mobile irutiative and
for effidmt servtce5. "USA has seven rruIion account holders and 700 branches 10 SIeI\I'a \hem, which means thai at any poinl in time. if everyone decides to go to Ihe bank to CMh money. the branches will haw lOJn)customeB.~ he said. The bank said those who did no! haw up to N25,OOO In lheir l!I:C04nts ....auld have up to September to shore up
then lICCOl.mb, ~ FOr the others, the bank is just
ml!Jl'ilting them 10 the mobile money platform .~ Odukwe stated.
AI. AbuJa, l..emo also said that Deposit Money Banks rouId !'lOON roll OUI Au\cmi:lled Te!Ii!r Machina outside the.. banking pn!'1TlMs. as they !'lOON had robust balance sheets 10 do 50. The apb bank had last year barred banks from installing theIr ATMs in public places
Lema said thai the new policy on cash lA.i thdra ....·i!IJ had mlIde it
Los·Au. 0715 , It 40, t4 00, 16.JO. 17.00. 17:20.18.30 (,oftWS,t.r/Suot). 8.00, 10'.40; 1l:11t, 20: 00 (FIIr) Au-lol: 07.(10, 09.30, 10.30. II 15. 16.15, 1!l:1S; 1!t.2S. 19.35; (~,ISt.oo); 14.55: 15 IS, 20'5 (F.J. 19 45 (&.): t 1.25, 13:35, 16:Z5 (MiJI) Au-K.r: 18.40 ("'ilII"F~}ISuII KAIIa·A&.r; 08.35 (M~flllys., M-rSoa: 09:35 (t.bI), to to (f",): Sr)l·Au.
11.20{WlDlb) 1I 35 (Mall), 10'.00 (hr): 13:20~1
Los-On; 12.15 (T1l[-FWS\rro)' tHO (Mirt/S&,)
On·t.es; 14.Z5 (l1l!-FoWSIJI),
" .so (MoItJS&.) .tt:')~.f't l. t'.
a
14·AII:: 06.!oIl; 13.30; 16.30. 19.45
{MoII·h.'s. I/SIJII, 12.30 (SimI 16.45 (SAl). M-r1.M: 07:30: 13.00; 190D (tobt- frWSar). 10.30, 14.30. 19;30 (s.. 18:30 (SA,)
lD!;-8rW: 0145,11 .00 . 15.30 (Mo.f«&.:.&.ot)1UJ(~
15:30 (So.' ,)
Bot·La; 0!I.15: 12:30, 17.00 (I.Otfo;'Sw.i1I) 17:
~J):14,OO(Si.n).
INh""'!!''''
_
Us'U:;
07. 1 5{M~FIII.
LIII·Mu.:: l.oJ.tu;
0115 (MiJI, Wla, Fool 07:1511.1orHII1: 08:00 (l.ob-fIIo) 17:00 (l.ob-fIIo); 0i:00 (M!Jt.fIII) 16.30 (MoN-fRll. 09:00 (MtIII"Fral
' ... AId:
1..-Los: It.-AIr.
Iut-Los: tLl-MNA:
Mu·Aau: 09:20 ('MIl, WIG, fAl); MNA· IlR: 15:20 (McJI. Wta, F1!I) Mu·1.m:: 15:20 (MiJI, Wnr, ~);
ABU-,UI: 15:00 (M~rlll 15:00 (Mot-hJ)
........ 0:
A!lJl!!! iii Ii
~Au: 01:02, CB.10, 12.D6. 15.30, 17 to. (Moot-Hr&I/Si.II) Au·lor. 01.20, 09.36, l J.05. 14.40, 1740 (MiJI·frv) 13.05. 18.00 (SA1/Sl.1o)
u..K.!r: 08.10, KAllcJ.I.m::
112S{M!)r.ftIrISoVSttl)
~11lf1!(1btft61iSJJl ~Alml:II~1
t.--u..:09:45 ~~ lt~loI:
1S:OO (l.bI..fI'I'S<'/Suo1
U,.AIwa: 11 ,25.
~~ 1Z:45 (Sat & SuN) Au-los: 11 ,30, 3.45 , ~ 45 (M~III): 12:00, 1~.3O (Sal & S;,o). lfs·IOIIO: 6;15 (Uc.FtI); 16.30 (Sa, & SuI) ~I.JII: 07:30 (McJot.F~): 10,30 (SAl & SIll) F_ , 8 ..... (JUlY Ot , 20 t I I
...... .... 0
£
,~
152.50 2411.!oO
,~
0
s_u £
25t.50
"'..., "'"
.....
C BNI.·Ol,20I I )
WAUA.
",...,
2116003 240.5369
"".
171.1335 2415Q53
""m
2193252 242.1321 15179 178.7242 242.3()6\
Baskel Natural Gas S5,06
.0.0"
ICE Brent
SI15.63
.110
Nym"
$100.57
+1.6 1
"'2'