Economy
Detty December: Meristem Sees Uptick in Monthly Inflation on Stronger Festive Season Demand
By Adedapo Adesanya
Analysts at Meristem Research anticipates that monthly inflation will increase, indicating stronger demand during the festive season, elevated fuel and transportation costs, and a reduction in supply as harvest output diminishes.
This forecast was contained in its Macro and Market Insight report for November 2025, where it noted that domestic economy recorded further improvement in the review month, with key macroeconomic indicators extending their positive momentum.
“Inflation fell for the seventh consecutive month to 16.05% YoY, driven by declines in both food and core components, and prompting a sustained dovish stance from the Monetary Policy Committee. Real sector activity also remained firmly in expansion, as reflected by the Purchasing
Managers’ Index rising to a year high of 55.40pts. These improving conditions also gained international recognition, with S&P Global upgrading Nigeria’s outlook, a move that could bolster investor confidence in the economy.”
While inflation appeared to moderate year-on-year, Meristem noted that on a month-on-month basis, headline inflation edged up to 0.93 per cent in October 2025 compared to 0.73 per cent month-on-month in September, adding that food inflation, however, contracted by -0.37 per cent month-on-month (versus -1.57 per cent in the previous month) as the harvest season began to taper and demand pressures gradually reemerged ahead of the festive
period.
The analysts forecast that year-on-year disinflation trend will extend into November 2025, driven by a further easing of food price pressures as ongoing harvests sustain food supply.
“Core inflation should also remain broadly stable, supported by a steady exchange rate, which should contain import costs,” it said in the report.
Yet, it added that, “monthly inflation is likely to tick up, reflecting stronger festive-season demand, higher fuel and transport costs, and tightening supply as the harvest output taper off.
“We also highlight the risk of a temporary spike in the December 2025 reading, largely due to base effects, with December 2024 serving as the comparison period under the new methodology.”
Looking forward, Meristem expects the Nigerian economy to sustain its strong momentum over the near to medium term, following the 3.98 per cent growth seen in the third quarter of the year.
“In the short term, growth should be supported by policy measures designed to reduce import costs, alongside strong domestic demand. Additionally, the services and industrial sectors, particularly manufacturing, entertainment, hospitality, and restaurants, are likely to benefit from festive demand. Overall, robust domestic consumption is expected to anchor continuous expansion, supporting a steady GDP growth trajectory.”
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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