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Naira Exchanges N580/$1

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Naira Exchanges N580/$1

On Friday, the naira exchanged to the dollar at 580, while the Pound Sterling traded for 780 at the parallel market.

Following the I&E forex window, the naira reached a high of 415.20 to close at 414.90. The official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to other currencies stopped publication of rates.

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This was based on the suspension of foreign exchange publication by AbokiFX after the CBN vowed to clamp down on the website, the owner and its patrons.

In spite of the efforts by the regulatory authority to tackle the naira crisis, the naira lost a margin of not less than 40 to the dollar in two months.
Following the webinar that was organised early this year by the Association of Bureaux De Change Operators of Nigeria in partnership with the CBN and other financial regulatory bodies, the association had said that “ABCON is working with its consultants to revamp the naijabdcs.com to MyBdc.com.”

 

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Agriculture

TRANSFORMATION IN THE AGRICULTURAL SECTOR FROM THE PRE-COLONIAL AND POST-COLONIAL PERIOD – ENOCH ABRAHAM

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Transformation in Agricultural sector

 

Agricultural sector and its activity is primal in the economy of Nigeria which formed the means of livelihood of the people and is a strong factor in the rise of states and empires just as it is everywhere else in the world.

According to Evans Pritchards, “The first evolution that transformed human economy gave man control over his own food supply.

Man began to plant, cultivate and improve by selection of edible grasses, roots, and trees. This economic advancement has been described as “Neolithic revolution”.

Also in modern times, in pre-colonial Nigeria, a major determining factor for the choice of settlement was the availability of favourable climate, free of epidemics, fertile land suitable for cultivation and grazing, congenial littoral environment for fishing and security such as absence of war and other natural and supernatural disasters.

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In pre-colonial Nigeria, farmers depended on implements such as digging sticks, hoes, cutlasses and sickles. At this time, there was nothing like transformation in Agriculture. The common crops produced based on territorial specialization included yam, okra, maize, cocoyam, cassava, plantains, bananas, kolanuts and oil palm.

The independent growth and antiquity of Agriculture in Africa and Nigeria in particular, has been strongly proven by some African economic historians.

Among them was Murdock, an ethnographer who argued that agriculture began in the upper Niger area among the Mende-speaking people in about 5000 BC basing his research on yam cultivation in this region.

AGRICULTURE SECTOR IN THE COLONIAL EPOCH

Agricultural sector is fundamental to the growth and development of any nation. In most developing economies, agriculture constitutes major economic activities of the people, either as producer, seller or marketers. Agriculture therefore serves as the main foreign exchange earnings and major source of revenue for the government.

COLONIAL INTERVENTION IN AGRICULTURE

With the intervention of the colonial government, the transformation in  agricultural sector in Western Nigeria occurred in response to changing political, social and economic conditions.

A common interpretation of the change was that state intervention became the strongest factor in inducing agricultural development. Although the colonial state did not adopt a radical transformation of the prevailing conditions of production.

It therefore began to employ a series of political and economic instruments to induce Agricultural producers to expand their output. Those strategies employed by the colonial state included forced cultivation, imposition of taxation and expanded operations by European merchant firms.

Also, marketing boards came with their controlled commodity marketing orientation which became the major tool for harmonizing agrarian economic patterns. This happens to be another form of transformation in Agriculture.

The colonial government to improve upon the efficiency of the farmer’s production and its capacity to meet market demands adopted various interventionist programs that would enhance increased production.

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Madagascar was not paid for the COVID Organics- FG

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COVID Organics

Madagascar was not paid for the COVID Organics- FG

Madagascar delivered the COVID organics on Saturday by President Umaro Embaló of Guinea Bissau without “an invoice”. – Federal Government

On Tuesday, Boss Mustapha, Chairman of the Presidential Task Force on COVID-19, made this known during the briefing in Abuja.

Nigeria received five cartons of the ‘tonic’ touted as the cure for COVID-19, Mustapha, who is also the Secretary to the Government of the Federation gave the report.

Responding to a question on whether Nigeria paid for the consignment, the PTF chair said, “We did not ask for it; it was given by the Government of Madagascar to African countries as their contribution to wanting to find a solution to the COVID-19 pandemic.

“Our consignment and those of West African countries were dropped off in Guinea Bissau. And then, we were making arrangements to airlift it. And as God will have it, the President of Guinea Bissau decided to visit our President last Saturday.

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“When he was coming, he came with our consignment of five cartons and those five cartons were delivered to me yesterday (Monday) in the evening sealed.

“I am going to engage the minister of health who has the responsibility of validations through his institutions that are chartered by law to do that.

“The President was upfront with that even when he took delivery from the President of Guinea Bissau. He was very clear that we will be guided by science. After the processes of validation, we will know where to go.

“In terms of whether it came with a cost, it was handed to me without an invoice, so I assume it didn’t come with any cost.”

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COVID-19 PANDEMIC: Mauritius Becomes Second African Country to be Free Of The Virus

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COVID-19 PANDEMIC: Mauritius Becomes Second African Country to be Free Of The Virus

Martirius becomes the second African Country to be officially free from COVID-19. Had 322 COVID-19 patients recovered out of 332 confirmed cases and10 death according to the virus file.

Mauritania happens to be the first African country to be free from COVID-19 after infection.

After marking the fifteenth consecutive days on May 11, with no new case recorded in Martirius.

A lockdown was in place to curb the spread of the virus.

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Mauritania declared itself virus-free after six coronavirus patients recovered and left the hospital, while one person succumbed to the virus weeks ago.

After Pastor Tunde Bakare of the Citadel Global Community Church formerly known as Latter Rain Assembly donated his church to the Lagos state government to be used as a coronavirus isolation center, Nigerians reacted to what he did.

On Sunday, May 10, the cleric made an announcement through the Church’s twitter and that called the attention of Nigerians to react on the microblogging site.

“The CGCC is offering the LASG parts of our current Church facilities at Akilo Road, Ogba, to be used as an isolation center for Covid-19 cases. The CGCC Medical Missions will onboard LASG officials to ensure the best utilization of this space.

“We commend the LASG and well-meaning individuals and corporate bodies for their efforts at controlling the spread of this pandemic in Lagos and by extension Nigeria. We pray for divine health, wisdom, and energy for the leadership of Lagos State and frontline healthcare workers.” The tweet reads.

 

 

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