Economy
June Inflation Slims Possibility of Rate Cut by CBN at Next MPC Meeting
By Adedapo Adesanya
The continued rise in Nigeria’s inflation rate, which hit 34.19 per cent in June 2024, has once again reduced the chances of rate cuts which have been hiked three times this year.
Data on Monday showed that the average price of goods and services rose for the 18th consecutive month on increases in food costs, housing, water, electricity, gas and other fuels, and transport.
Business Post analysis indicated that the month-on-month indices that slowed in previous months went up last month, with headline inflation rising by 2.31 per cent from 2.14 per cent, food inflation growing by 2.55 per cent from 2.28 per cent and core inflation soaring to 2.06 per cent from 2.01 per cent.
This development means the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) may be forced to further tighten the Monetary Policy Rate (MPR) again at its next meeting, having raised rates by 750 basis points this year alone.
The MPC is set to meet next Monday and Tuesday (July 22 and 23) to debate the next step. It was increased from 24.75 per cent to 26.25 per cent at the last meeting in May.
Already, the current level is worrying top businessmen like Mr Aliko Dangote, who have expressively called out the high rate, which is affecting businesses in the country.
Speaking at the National Manufacturing Policy Summit organised by the Manufacturers Association of Nigeria at the Banquet Hall of the State House, Abuja earlier this month, he lamented the high cost of borrowing at the banks.
“Nobody can create jobs with an interest rate of 30 per cent. No growth will happen. No power, no prosperity. No affordable financing, no growth, no development,” he said.
He has also in several capacities lamented the tough Nigerian operating environment.
On his part, the Governor of the CBN, Mr Yemi Cardoso, has maintained that the apex bank would do all it can to stabilise the economy on its end.
He also noted that the possibility of easing rate hikes was slim, adding that the MPC was set to use instruments available to it to tackle inflation.
“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 bring it down as reasonably as they can and I don’t see that changing,” he said in an interview with Bloomberg recently.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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.
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