Economy
Inflation in Nigeria Eases to 21.34% in December 2022
By Adedapo Adesanya
For the first time in 11 months, inflation in Nigeria surprisingly eased to 21.34 per cent in December 2022 amid festivities like Christmas and New Year, which usually add to the rise in prices of goods.
This showed that the rate recorded a decline of 0.13 per cent from 21.47 per cent recorded in November 2022, according to the latest inflation report by the National Bureau of Statistics (NBS) on Monday.
However, it was higher than the 15.36 per cent recorded in the same period of 2021 by 5.72 per cent.
Food inflation, a closely watched index, fell to 23.75 per cent in December 2022 from 24.13 per cent recorded in the previous month.
The All items less farm produce index or core inflation, which excludes the prices of volatile agricultural produce, stood at 18.49 per cent in December 2022 compared with the 18.24 per cent recorded in November 2022.
On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71 per cent which was 0.32 per cent higher than the rate recorded in November 2022 (1.39 per cent).
This means that in the month of December 2022, the general price level was 0.32 per cent higher relative to November 2022.
The percentage change in the average CPI for the 12-month ending December 2022 over the average of the CPI for the previous 12-month period was 18.85 per cent, showing a 1.89 per cent increase compared to the 16.95 per cent recorded in December 2021.
On a year-on-year basis, in the month of December 2022, the urban inflation rate was 22.01 per cent, 5.85 per cent higher than the 16.17 per cent recorded in December 2021.
On a month-on-month basis, the urban inflation rate was 1.80 per cent in December 2022, 0.31 per cent higher than the 1.50 per cent reported in November 2022).
The stats office disclosed that the corresponding 12-month average for the urban inflation rate was 19.38 per cent in December 2022, higher than the 17.52 per cent achieved in December 2021 by 1.86 per cent.
The rural inflation rate in December 2022 was 20.72 per cent on a year-on-year basis, 5.61 per cent higher than the 15.11 per cent recorded in December 2021.
On a month-on-month basis, the rural inflation rate in December 2022 was 1.63 per cent, up by 0.33 per cent from 1.30 per cent in November 2022.
The corresponding 12-month average for the rural inflation rate in December 2022 was 18.34 per cent, 1.94 per cent higher than the 16.40 per cent recorded in December 2021
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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