• Businesses lament , knock govt over poor inflation management

Barely five days to the end of the year 2020 , the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021.

The report , titled , ‘December 2020 Business Expectations Survey Report ’ added that there might also be a steady rise in interest rate from December till the next six months. 

The naira witnessed a sharp fall in recent weeks , reaching its lowest on November 30 , 2020 , when it exchanged for N 500 / $1 . Since then, the dollar has been hovering between N 460 and N 470 . As of Friday , however , one dollar exchanged for 465 in the parallel market. 

Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter . The recession is said to be the worst in 36 years, according to the data obtained from the World Bank . The Federal Government and some economists had expressed optimism that the country would exit the recession in 2021.

Meanwhile, in the 11 -page survey report , the CBN said it conducted the survey online from December 7 to 11 , with a sample size of 1 , 050 businesses nationwide. It noted that a response rate of 91 . 3 per cent was achieved and that the sample covered the agriculture / services , manufacturing , wholesale / retail trade and construction sectors. 

It added that the respondent firms were made up of small, medium and large corporations covering both import -oriented and export- oriented businesses. 

The report partly read, “ Respondent firms expect the naira to depreciate in the current month and next month but appreciate in the next two months and the next six months. 

“ Inflation level is expected to rise in the next six and 12 months as firms expect the average inflation rate in the next six months and the next 12 months to stand at 13 .24 and 14 . 51 per cent , while borrowing rate is expected to rise in the current month, next month, next two months and the next six months with indices of 19 . 2 , 14 . 9 , 14 .7 and 14 .3 points . ”

In the survey , respondent firms expressed pessimism on the macro economy, while their outlook on the volume of business activities , average capacity utilisation, the volume of total order and financial condition ( working capital) were positive. 

The CBN stated that respondent firms identified insufficient power supply , unfavourable economic climate , competition , high interest rates , unclear economic laws , financial problems , unfavourable political climate , access to credit , insufficient demand , lack of equipment , lack of materials input, and labour problems as major factors constraining business activities in December 2020.

Bank credit grew by N 290bn in six weeks – CBN

In a separate development , the apex bank in a communiqué number 133 of the Monetary Policy Committee meeting held on November 23 and 24 and signed by the Governor of the Central Bank of Nigeria , Godwin Emefiele , said the aggregate domestic credit grew by 7 .61 per cent in October 2020 , compared with 7 .35 per cent in the previous month. 

Katsina Abduction: 668 Students Still Missing – School Register Shows

Post-Harvest Management: Over 1bn Tons Of Crops Lost Annually – NSPRI

The 17-year-old student said they first began to hear gunshots and later ran to rescue themselves but the bandits were already after them.

“It was on Friday night around 9:30pm after we came back from our classes for night reading when we heard gunshots. Initially, we thought it was not in our school but later, we began to see them coming towards us. We then began to run and crossed the school fences but they used torch lights on us saying that we should come back.

“We thought they were security personnels, but later when they gathered us at one place, we realised they were gunmen”.

He said many of them were abducted but were later counted by the bandits, adding that they were beaten and dragged to the bush amidst thurns and other things.

520 pupils counted

“After they have gone to the bush with us they asked one of us to count us and there were 520 pupils.

“Because it was in the night I didn’t know where they are taking us to. They beat us and we spent almost the whole night trekking inside the bush despite the thurns. It was around 30 minutes to the morning when they asked us to sleep,” he added.

‘I crawled out’

On how he escaped from the bandits, the student said only God knows how it happened and that he was lucky to hide behind a tree and later crawled out of the bush.

“When they asked us to sit down I was then lucky to escape and hide behind a tree. After they move with my colleagues I then started crawling to the main road and to the nearby town.

“From then I moved on, I cannot see anything again. I didn’t know where they took my colleagues to. They just moved inside the bush with them.