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Published 1 June 2021
Life has become increasingly difficult for many Nigerians as the rising cost of food and the naira’s seemingly unctrollable downward trend continue to reduce their purchasing power, ADEPEJU ADENUGA writes
Food prices in Nigeria have continued to surge in the last one year, with the latest data from the National Bureau of Statistics showing that the composite food index rose by 22.72 per cent in April 2021 from 15.03 per cent in April 2020.
The NBS said the rise in the food index was caused by increases in prices of coffee, tea and cocoa, bread and cereals, soft drinks, milk, cheese and egg, vegetable, meat, oils and fats, fish and potatoes, yam and other tubers.
Nigeriaâs foreign reserves record the biggest drop in May 2021 to $34.2 billion. Investment banking analysts said Naira remains overvalued despite the unification of the Central Bankâs (CBN) official and autonomous foreign exchange (NAFEX) rates.
The Nigerian local currency has been struggling to retain value amidst scarce foreign currency inflows into the domestic economy. In a new report, investment banking experts at Chapel Hill Denham Limited said they see room for rates adjustment though not certain about timing.
The investment stated that despite the improved liquidity at the Investors and Exporters window, naira for dollar rate closed flat across the varying segments last week. Specifically, analysts said rates at the Investors and Exporters window and the central bankâs secondary market intervention sales window closed flat at N412 and N380.7 respectively, noted also spike in arbitrage activities in the FX market.
2021-06-01 10:32 By: Xinhua China will support couples who wish to have a third child, as the aging of the country s population has been increasing in extent in recent years. Chinese people aged 60 or above accounted for 18.7 percent of the country s total population in 2020, 5.44 percentage points higher than that in 2010. The new policy, aimed at raising China s fertility rate, meets the needs of building a birth-friendly society.
BEIJING, May 31 (Xinhua) China will support couples who wish to have a third child, according to a meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee held on Monday.