William Ruto, Kenyan President, has described the escalating protests gripping the East African country as “treasonable”.

Since last week, a contentious finance measure has prompted youth-led rallies around the country. On Tuesday, the protests took a sharp turn when demonstrators broke through the barricade and gained entry to parliament.

Once inside, they threw aside flags, knocked over tables and chairs, grabbed the ceremonial mace, and set fire to a portion of the assembly.

There was an underground tunnel that lawmakers in the parliament building had to escape through. Next, the demonstrators would plunder MP-affiliated stores and nightclubs.

In an effort to put an end to the protests, police in Nairobi shot live ammunition and threw tear gas at the protestors.

Kenyan police were also seen beating and later arresting some paramedics who were helping injured protesters.

During a nationwide address after parliament was invaded, Ruto said Tuesday’s turn of events was a grave threat to “national security” and that the conversation around the bill had been “hijacked by dangerous people”.

“It is not in order, or even conceivable, that criminals pretending to be peaceful protesters can rain terror against the people, their elected representatives, and the institutions established under our constitution and expect to go scot-free,” the president said.

Ruto said democratic expression and crime must be isolated and vowed that the state would respond fully to the situation, reiterating his commitment to protect citizens.

Shortly after his speech, Aden Duale, cabinet secretary for defence and chairperson of the defence council, said the Kenyan Defence Forces (KDF) has been deployed to “support” the police on the streets.

33 compressed natural gas (CNG)-powered vehicles will be purchased for N1.99 billion by the federal executive council (FEC) in order to improve the National Drug Law Enforcement Agency’s (NDLEA) activities.

The sanction was granted by the council on Tuesday at an Abuja meeting chaired by President Bola Tinubu.

After the meeting, Lateef Fagbemi, the minister of justice and attorney general of the federation (AGF), spoke with State House media and said that the council also approved the purchase of weapons and ammunition valued at $1.442 billion to support the NDLEA’s efforts to combat drug trafficking.

Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.

“We submitted three items to the council on NDLEA,” he said.

“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.

“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion.

“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the apex bank is “relatively pleased” with the progress it has made in stabilising the naira.

In a Tuesday interview with Bloomberg TV, Cardoso expressed his belief that the excessive volatility may eventually end.

He added that the financial regulator is still a work in progress but that it will keep up its strong job.

“I do believe that we have more or less seen the worst in terms of volatility,” Cardoso said.

“We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that can be accomplished using certain tools.”

Cardoso further said reviving confidence in the naira is crucial for Nigeria to lure investors.

“We’re relatively pleased with where we are,” Cardoso added.

He also said the central bank needs to do more, adding that “it’s continuous work in progress”.

“And we will do everything possible to ensure that we continue to manage the macroeconomic fundamentals that affect that,” he said.

Since the beginning of June, the naira has been trading in a narrow range between N1,473 and N1,490 per dollar at the official market.

However, the naira fell to N1,500/$ on Tuesday – from N1,488 traded on June 24.

The publication said as the annual inflation rate starts to rise at a slower pace, Cardoso refused to be drawn on whether this could signal the end of the tightening cycle that began in May 2022 — as CBN’s monetary policy committee (MPC) prepares to meet in July.

CBN has been increasing interest rates since May 2022, with the monetary policy rate (MPR) — which is the benchmark for banks’ lending rate — reaching 26.25 percent in May this year.

In May, the inflation rate rose to 33.95 percent compared to 33.69 percent in April.

Cardoso said data will determine the stance of the MPC on inflation movement.

“Data will direct whether they see further hikes or not,” he said.

“The MPC has been very clear in stating that they see inflation as a major impediment for the future of Nigeria, and they will do everything possible to ensure that they keep inflation in check and fact bring it down as reasonably as they can and I don’t see that changing.”

He also said the apex bank’s steps and fiscal reforms undertaken by President Bola Tinubu’s administration have assisted the nation in securing much-needed liquidity.

The World Bank earlier this month approved $2.25 billion in funding to support Nigeria’s economic reforms helping boost its foreign exchange reserves.

The governor said CBN would support further measures to build the country’s reserves including a eurobond issue.

“We should have a diversity of sources,” he said.

Cardoso said it should not just be the eurobond market or just be foreign portfolio investors, but it should be a variety of different things.