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Sallah: Ram costs jump to N750,000, sellers lament poor sales in Badagry

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Amidst the upcoming Eid-El-Kabir festival, ram sellers in Badagry, Lagos State, are grappling with sluggish sales as costs increase to as much as N750,000 for a large ram.

This is according to a report by the News Agency of Nigeria, showing the current realities of the bellowing economic hardship in the country.

In places such as Alaba, Ajibade, and Agbalata ram markets there are significant variations in the cost of rams, leaving both sellers and buyers frustrated.

In the Alaba ram market, a large ram sells for a hefty price of N750,000, while medium-sized rams range between N350,000 and N400,000.

Smaller rams are priced from N150,000 to N200,000. The situation is slightly different in the Agbalata market, where big rams are sold for N400,000 to N450,000, medium-sized rams for N250,000 to N300,000, and smaller ones for N120,000 to N150,000.

Reports show that in Ajibade ram market in Aradagun, another seller, Belawu Ajadi highlighted the compounded costs of feeding and transporting the rams as factors contributing to high prices.

“Customer turnout is low compared to last year. By this time in 2023, I had sold over 50 rams; this year, I’ve sold just ten,” Ajadi said. Despite the economic downturn, he remains hopeful that sales will pick up as the festival approaches.

The buyers, too, are feeling the pinch. Yusuf Ajadi, shopping at Alaba market, recounted how prices have more than doubled.

“In 2023, I bought two rams for N280,000. Today, a medium-sized ram costs me N400,000, making it unaffordable to buy two,” he said. Another buyer, Alhaji Taoreed Ajape, expressed shock at the inflated prices. “I came from Ikoga, Badagry, expecting better deals. The ram I bought for N100,000 last year now costs N220,000,” he shared, indicating that he might have to return after securing more funds.

Alhaji Abdul-Salam Hassan, a ram seller at Alaba market, attributed the steep prices to high transportation costs. “I spent N1.5 million transporting my rams from Sokoto State. I need to recoup these costs to make a profit,” he explained. Despite bringing 300 rams to the market since June 5, Hassan has sold fewer than ten. “Many buyers inquire about prices but fail to return,” he lamented.

Hassan also noted that while last year’s prices were considered high, this year’s have skyrocketed due to the removal of fuel subsidies, which has significantly increased transportation costs.

The situation in Badagry reflects broader economic challenges affecting Nigeria. Nigeria currently battles a cost of living crisis with inflation at a 28-year high of 33.69% and food inflation almost at 34%.

Prices of staple food across the country, especially grains, have seen an almost 100% increase since last year because of disruption in global supply chains due to conflicts in the Middle East and Europe.

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Zenith Bank says banking services restored after over 48 hours of outage

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Zenith Bank on Thursday said it has made progress in its IT upgrade which disrupted its banking services for over 48 hours, adding that its customers can now transact across its various channels.

The bank announced this via a statement posted on its X handle.

Zenith also apologized to its customers over the disruption saying it was in a bid to serve them better.

According to the bank, its customers can now perform transactions through their debit cards, mobile app, internet banking, and through its agents nationwide.

The Zenith Bank’s statement suggests that the IT upgrade has yet to be completed as the bank only said it has made ‘significant progress’. The statement read in part:

“We sincerely apologize for the service disruptions you experienced recently on our banking channels. This was due to an Information Technology upgrade aimed at improving the quality of service we provide you. 

“We have made significant progress with the upgrade and you can now perform transactions conveniently. You can also visit any of our branches nationwide to perform your transactions.” 

Recall that Zenith Bank had on Tuesday, October 1, notified its customers of a routine maintenance that would cause service disruptions for a few hours.

However, contrary to the promise by the bank that transactions would resume after 2.30 pm on the same day, the customers could not have access to their funds for over 48 hours after.

The period, which also coincided with salary payments left many salary-earning customers of the bank stranded as they could not withdraw.

Meanwhile, earlier reports suggested that Zenith Bank was doing more than IT maintenance but migrating its core banking platform to a new one. The bank did not confirm nor deny the report.

Zenith Bank, which previously used Phoenix, a software developed by London-based Finastra, is reportedly migrating to Oracle’s Flexcube, a platform used by many other Nigerian banks.

For banks, switching their core banking software is a significant change that requires transferring large amounts of data and more rigorous action than regular IT maintenance.

Tier-1 Zenith Bank was one of the biggest earners from electronic transactions in half-year 2024, according to its financial results.

The bank generated N41.2 billion in half-year 2024, a remarkable 85.6% increase from the N22.2 billion it earned in H1 2023.

  • For the period, the bank also upped its IT spending from N8.6 billion in the first half of 2023 to N23 billion in half-year 2024, representing a 167% increase.
  • However, the recent disruption in services for days may see its electronic transactions revenue decline in Q4 2024.
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CBN introduces electronic FX matching system to curb speculation

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The Central Bank of Nigeria (CBN) has announced the introduction of an electronic foreign exchange matching system (EFEMS).

In a circular on Thursday, Omolara Duke, CBN director, financial markets department, said the system, which is for FX transactions, would be implemented no later than December 1.

CBN said there would be a 2-week test run in November.

“Authorised Dealers would subsequently conduct all foreign exchange transactions in the interbank Fx market on the Electronic Foreign Exchange Matching System approved by the CBN where transactions will be reflected immediately,” CBN said.

“The new system is expected to enhance governance, transparency and facilitate a market-driven exchange rate that will be accessible to the public.

“This development is expected to reduce speculative activities, eliminate market distortions and give the CBN improved oversight capabilities to effectively regulate the market.”

The CBN said it would publish real-time prices and buy/sell order data from the system.

In partnership with the Financial Markets Dealers Association (FMDA), the bank said it would publish the rules for the EFEMS.

“The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants,” CBN said.

Therefore, the apex bank said authorised dealers are required to abide by extant guidelines and regulations governing the FX market.

CBN also asked authorised dealers to ensure that all necessary documentation, training, and systems integrations are concluded before the go-live date.

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NPA commences coordination of crude oil sale to Dangote refinery

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The Nigerian Ports Authority (NPA) says it has commenced implementation of the federal government directive to coordinate service provision from all stakeholders for the smooth sale of crude oil in naira to the Dangote refinery.

Abubakar Dantsoho, managing director of the authority, announced the development when he chaired the inter-agency stakeholders meeting on the one-stop-shop (OSS) at the NPA headquarters in Lagos.

According to a statement on Thursday by the NPA, this is in line with the directive of the federal government for the OSS to be located in the NPA.

“We are poised to collaborate and provide the efficiencies necessary to deliver on this national imperative of ensuring the availability of premium motor spirit (PMS) and other petroleum products,” he said.

“We are also setting up a one-stop-shop that will coordinate service provision from all regulatory, and security agencies, and other stakeholders to ensure a smooth implementation of this initiative.”

The OSS team is comprised of representatives from NPA, Nigerian Navy, Nigerian National Petroleum Company (NNPC) Limited, Dangote Group, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), and Nigeria Drug Law Enforcement Agency (NDLEA).

Maureen Ogbonna, an official at the NPA marine and operations directorate, serves as the committee’s focal person.

On July 29, the federal executive council (FEC) approved a proposal by President Bola Tinubu directing the NNPC to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.

The federal government said the sale of crude oil to the Dangote refinery and other refineries in naira would commence on October 1.

On September 30, Eche Idoko, publicity secretary of Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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