Economy

Inflation in Nigeria Reaches 12.34% in April

Published

6 years ago

21/05/2020

By Modupe Gbadeyanka

Inflation in Nigeria increased to 12.34 percent year-on-year in the month of April 2020, data from the National Bureau of Statistics (NBS) said on Thursday afternoon.

The agency said the inflation figure recorded a marginal 0.08 percent increment when compared with the rate it was in March 2020, which was 12.26 percent.

The rise was attributed to increase in food prices during month as well as the effect of the lockdown in the whole of April due to the coronavirus pandemic.

According to the NBS, the composite food index last month rose by 15.03 percent from 14.98 percent in March 2020

“This rise in the food index was caused by increases in prices of potatoes, yam and other tubers, bread and

cereals, fish, oils and fats, meat, fruits and vegetables,” a report from the Mr Yemi Kale-led agency said.

The inflation figure for April fell below projections made by analysts, including the Financial Derivatives Company, which forecast about 14 percent rise due to the movement cessation in the month.

The stats office said on month-on-month basis, the headline index increased by 1.02 percent in April 2020, about 0.18 percent rate higher than the rate recorded in March 2020, 0.84 percent.

The agency stated that the urban inflation rate increased by 13.01 percent year-on-year in April 2020 from 12.93 percent recorded in March 2020, while the rural inflation rate increased by 11.73 percent in April 2020 from 11.64 percent in March 2020.

In addition, on a month-on-month basis, the urban index rose by 1.06 percent in April 2020, up by 0.18 from 0.88 percent recorded in March 2020, while the rural index also rose by 0.98 percent in April 2020, up by 0.18 from the rate recorded in March 2020, 0.80 percent.

It further said the corresponding 12-month year-on-year average percentage change for the urban index was 12.26 percent in April 2020. This is higher than 12.15 percent reported in March 2020, while the corresponding rural inflation rate in April 2020 was 11.20 percent compared with 11.14 percent recorded in March 2020.

The NBS said in April 2020, all items inflation on year-on-year basis was highest in Bauchi (14.44 percent), Sokoto (13.99 percent) and Plateau (13.68 percent), while Edo (10.87 percent), Abuja (10.81 percent) and Kwara (8.98 percent) recorded the slowest rise in headline year-on-year inflation.

On month-on-month basis, however, April 2020 all items inflation was highest in Akwa Ibom (2.01 percent), Oyo (1.91 percent) and Abia (1.81 percent), while Edo, Enugu and Bayelsa recorded price deflation or negative inflation (general decrease in the general price level or negative inflation rate).

Furthermore, In April 2020, food inflation on a year on year basis was highest in Sokoto (17.88 percent), Akwa Ibom (17.55 percent) and Abuja (17.65 percent), while Ebonyi (13.04 percent), Edo (12.90 percent) and Enugu (12.89 percent) recorded the slowest rise.

On month-on-month basis, however, April 2020 food inflation was highest in Akwa Ibom (2.65 percent), Lagos (2.49 percent) and Oyo (2.33 percent), while Bayelsa, Ebonyi and Enugu recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Economy

Xenergi in Talks to Acquire 51% Stake in Premier Paints

Published

9 hours ago

17/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.

Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.

Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.

The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.

At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.

“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.

“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.

Economy

Naira Trades Flat Across FX Market Windows as CBN Moves to Ease Pressure

Published

12 hours ago

17/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.

In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.

Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.

The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.

The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.

FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.

Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).

On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.

As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.

Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.

On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.

Economy

Stock Investors’ Portfolios Swell N14bn as Index Rises 0.01%

Published

12 hours ago

17/12/2025

Dipo Olowookere

By Dipo Olowookere

A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.

Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.

Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.

Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.

During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.

Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.

Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.