Economy
How Prices of Rice, Beans, Garri, Yam, Others Rose in February
By Adedapo Adesanya
The cost of buying rice, beans, beef, garri, yam, and bread as well as other food items increased in February 2024, showing that Nigerians continue to face rising food inflation, according to the latest data by the National Bureau of Statistics (NBS).
It said this in its Selected Food Prices Watch report for February 2024 released in Abuja over the weekend.
The report said that the average price of 1kg of local rice increased by 134.81 per cent on a year-on-year basis from N520.84 recorded in February 2023 to N1,222.97 in February 2024.
“On a month-on-month basis, 1kg of local rice increased by 19.69 per cent from the N1,021.79 recorded in January 2024,” the agency stated.
The data also showed that the average price of 1kg of brown beans increased by 98.25 per cent on a year-on-year basis from N594.15 in February 2023 to N1,177.93 in February 2024.
“On a month-on-month basis, the price increased by 20.62 per cent from the N976.58 recorded in January 2024,” it further said.
For the average price of 1kg of boneless beef increased by 49.41 per cent from N2,445.96 recorded in February 2023 to N3,654.56 in February 2024.
“On a month-on-month basis, 1kg of boneless beef increased by 10.22 per cent in February from the N3,315.78 recorded in January 2024,’’ the report said.
The NBS said the average price of 1kg of onion bulb rose by 103.44 per cent on a year-on-year basis from N450.07 in February 2023 to 915.61 in February 2024.
On a month-on-month basis, the price increased by 3.91 per cent from N881.20 recorded in January 2024.’
The report said that the average price of 1kg of white garri increased by 109.16 per cent on a year-on-year basis from N345.88 in February 2023 to N723.45 in February 2024, and on a month-on-month basis, 1kg of white garri increased by 20.44 per cent from N600.69 recorded in January 2024 to N723.45 in February 2024.
In addition, the average price of 1kg of yam tuber rose by 131.33 per cent on a year-on-year basis from N436.41 recorded in February 2023 to N1009.56 in February 2024, while on a month-on-month basis, it increased by 11.93 per cent from N901.94 recorded in January 2024 to N1009.56 in February 2024.
The report said the average price of 500g sliced bread increased by 89.48 per cent on a year-on-year basis from the N553.03 recorded in February 2023 to N1,047.86 in February 2024.
On a month-on-month basis, 500g sliced bread increased by 15.91 per cent from the N904.02 recorded in January 2024.
The report showed that in February 2024, the highest average price of 1kg of boneless beef was recorded in Abia State at N4,595.69, while the lowest was recorded in Kogi State at N2,680.03.
It said that Niger State recorded the highest average price of 1kg of local rice at N1,670.96, while the lowest was recorded in Borno State at N936.14.
The NBS said that the highest average price of 1kg of brown beans was recorded in Nasarawa State at N 1,500.17, while the lowest price was recorded in Sokoto State at N734.48
It said the highest average price of 1kg of onion bulb was recorded in Akwa Ibom State at N1,391.41 while the lowest was recorded in Zamfara State at N446.67.
According to the report, Ogun State recorded the highest average price of 1kg of white garri at N821.48, while the lowest was reported in Benue State at N480.32.
It said Bayelsa State recorded the highest average price of 1kg of yam tuber at N1,452.95, while the lowest average price was recorded in Borno State at N 626.59.
The NBS said Rivers State recorded the highest average price of 500g sliced bread at N1,562.5, while the lowest price was recorded in Borno State at N655.53.
Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-east at N4,483.78, followed by the South-west at N3,740.72 while the lowest price was recorded in the North-west at N3,315.50.
The South-west and North-central recorded the highest average price of 1kg of local rice at N1,336.79 and N1,319.95 respectively, while the lowest price was in the North-West at N1,073.92.
The report said that the South-south recorded the highest average price of 1kg of brown beans at N1,395.23, followed by the South-east at N1,384.72, while the North-central recorded the lowest price at N638.88.
It said that the South-south and South-west recorded the highest average price of 1kg of onion bulb at N1,363.66 and N1,047.61, respectively, while the lowest was recorded in the North-west at N546.79
The NBS also said that the South-east and South-south recorded the highest average price of 1kg of white garri at N788.28 and N760.23 and the North-central recorded the lowest price of 1kg of white garri at N638.88.”
The report said the South-south recorded the highest average price of 500g sliced bread, followed by the North-central and the North-east recorded the lowest average price of 500g sliced bread at N867.31.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.
This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.
It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.
MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.
Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.
GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.
However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.
Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.
At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.
Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.
This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.
Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.
The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.
Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.
Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Dipo Olowookere
The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.
Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.
Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.
Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.
On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.
The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.
Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.
Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.
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