The number of people going hungry in West Africa has reached its highest level in decades, with Russia’s invasion of Ukraine exacerbating a food crisis that was already threatening millions of people and straining fragile, coronavirus-ravaged economies.
“The number of hungry people has quadrupled between 2019 and 2022,” Ollo Sib, the World Food Programme’s regional adviser for research, assessment and monitoring, said at a media briefing in Geneva on Friday. “We’re facing an unprecedented and complex hunger crisis in West Africa with multiple structural vulnerabilities and shocks.”
Some 43 million people are food insecure in West Africa and the Central African Republic, and six million children in the Sahel region are undernourished, according to the WFP. It warned that farmers in the region who were already struggling to feed their families due to the impact of a 2021 drought, border closures because of the coronavirus pandemic and recent coups in Mali and Burkina Faso now also face surging food prices.
“The conflict in Ukraine is violently disrupting the global trade of food, fertilizers and oil products and driving up food and fuel prices across the globe,” the UN agency said in a statement.
The war and sweeping sanctions imposed on Russia have upended Black Sea supplies at a time when global stockpiles are already tight. Ukraine and Russia ship more than a quarter of the world’s wheat, and the fighting has closed ports and halted transport. Food prices have surged at the fastest pace ever due to the invasion, rising another 13% last month, the U.N.’s index of world costs shows.
Oxfam and other aid agencies warned earlier this week that another 11 million people in West Africa could be confronting hunger in the next three months. More than 27 million people across the region already don’t have enough to eat, according to the U.K.-based NGO.
The WFP estimates that food stocks won’t be sufficient to cover West Africa’s s needs until the next harvest around September.
The east of the continent is also confronting food shortages. In the Horn of Africa, another 13 million people could soon face hunger as the region contends with its worst drought in four decades. Its reliance on imports from the Black Sea countries such as Ukraine will worsen the situation by inflating prices, the WFP said earlier this week.
Black Market Dollar To Naira Exchange Rate For Today 27th January 2023
This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.
How Much Is Black Market Dollar To Naira Exchange Rate Today?
Dollar to naira exchange rate today black market (Aboki dollar rate):
Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Friday, 27th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.
Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Friday morning, January 27, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.
Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Automobile Firm to Complete Large Assembly Plant In Ogun, Unveils Plans to Build Vehicles
The plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad
As part of its plans to expand its business space and boost exportation, an automobile Firm, Lanre Shittu Motors (LSM) has said it was constructing a large vehicle assembly plant in Sagamu, Ogun State.
According to the Group Executive Director of the firm, Mr Taiwo Shittu, the plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad.
The CEO of the indigenous auto assembler, during an interview in Lagos State, also disclosed plans to build vehicles that will be known as Lanre Shittu.
Already, Shittu said the firm has started assembling a mid-size pickup truck christened Huanghai LSM, in partnership with a Chinese automobile manufacturer, Dandong Huanghai Automobile Co Ltd with a view to building Nigerian auto industry.
Shittu, while explaining the reason behind the collaboration of LSM with the Chinese firm, said it was to share technology and other things that would aid exportation to other African countries and beyond.
He said his firm has a plan to own a vehicle called LSM (Lanre Shittu Motors), and described Huanghai as a very good brand which is the second-biggest pickup company in China.
He said LSM’s partnership with Huanghai would afford them the opportunity to share technology among others before fully facing the indigenous firm.
LSM chief executive noted that the focus of the firm is to build the Nigerian automobile industry to the level of exporting its products to other African countries and beyond, adding that LSM, which will be 42 as a vehicle manufacturer this year would soon have its brand intact.
According to him, the company’s assembly plant had started injecting local content into products coming from the auto assembler, saying that about 30 percent of components of vehicles assembled from Lanre Shittu Motors are currently sourced locally.
For him, all the lubricants, the grease, liquid-based materials used in vehicles are assembled and sourced locally, adding that materials for the box body, which is the buckets on the trucks, welders design are being fabricated together in about 30 per cent local content in some cases.
Calling on the Federal Government to urgently come up with policies that would encourage automobile component manufacturers to come and build factories in Nigeria, Shittu likened Nigeria to a big market for manufacturers and investors.
For their investments to birth positive fruits, he sought the need for the Federal Government to enact policy that would attract investors.
He said if the government places 100 per cent duty on imported versions of the products that are sourced locally, no Nigerian manufacturer of vehicles would be buying imported parts when the locally-made are cheaper and of the same quality.
Investors King gathered that LSM has the potential to manufacture 2500 vehicles annually and it became a household name with the MAC and JAC heavy-duty trucks in October 2018.
It is a certified KIA, NISSAN, and Jinbei Bus dealer before its full venture into vehicles manufacturing.
Tesla Releases Fourth Quarter Result, Misses Wall Street Revenue Prediction But Beats Earnings
Automaker and clean energy company Tesla on Wednesday released its fourth-quarter results, missing wall street revenue prediction but surpassed that of earnings.
The Wall Street consensus for Tesla’s Fourth quarter (Q4) earnings was $24.6 billion in revenue and earnings of $1.13 per share. Meanwhile, Tesla’s revenue was down $280 million from wall street expectations, after it posted a revenue of $24.32 billion million but beat the earnings expectations with $1.19 per share.
At the end of the Fourth quarter (Q4), Tesla had $1.4 billion in free cash flow, down from the $3.3 billion cash flow recorded in the third quarter. Its stock witnessed a 3.2% spike to $149 per share after the earnings report became public and has continued to rise to $151.52 in the premarket.
Tesla closed the quarter (Q4) with a 16% operating margin, while its Automotive gross margins came in at 25.9%, the lowest figure in the last five quarters. Also, its operating cash flow was down 29% from last year, and down 36% from last quarter, coming in at $3.28 billion.
In terms of deliveries, the company disclosed it produced over 439,000 vehicles and delivered over 405,000 vehicles, bringing Tesla’s 2022 full-year deliveries to around 1.31 million vehicles.
Investors King understands that in 2022, the automaker slashed the prices of its vehicles around the world, a strategy that sparked demand for its vehicles.
Speaking on the slash of its vehicles, the company CEO Elon Musk said, “Price matters, the vast number of people that want to buy a Tesla car, can’t afford it, and so these price changes really make a difference for the average consumer.”
In October 2022, Tesla announced price cuts in China by up to 9% on the Model 3 and Model Y, reducing prices further by nearly 14%.
Earlier this month, it lowered the price of its long-range Model Y crossover (20% to $52,990) and Model 3 Sedan (14% to 53990) for U.S. buyers.
Musk disclosed that after Tesla slashed the prices of its vehicles, January saw the strongest demand ever in Tesla’s history, which he said that the demand exceeded production.
On the other hand, Tesla on Tuesday announced plans to invest $3.6 billion more into its Gigafactory in Nevada, adding two new facilities dedicated to building battery cells and Tesla semis, as it disclosed plans to boost production by 50% this year.
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