Economy
Nigeria’s Headline Inflation Further Moderates to 32.15% in August
By Aduragbemi Omiyale
The National Bureau of Statistics (NBS) on Monday disclosed that the headline inflation for August in Nigeria further eased by 1.25 per cent to 32.15 per cent from 33.40 per cent in July 2024.
In a statement issued today, the agency said the lower increase in the average prices of goods and services in the country in the period under review was due to an improvement in the supply of food.
However, on a year-on-year basis, the headline inflation rate was 6.35 per cent higher than the 25.80 per cent recorded in August 2023.
Furthermore, on a month-on-month basis, the headline inflation rate in August 2024 was 2.22 per cent, lower than the 0.06 per cent achieved in July 2024 at 2.28 per cent.
It was disclosed that the percentage change in the average consumer price index (CPI) for the 12-month period ending August 2024 over the average of the CPI for the previous 12-month period was 31.26 per cent, showing an 8.88 per cent increase compared to 22.38 per cent recorded in August 2023.
In the month under review, the urban inflation rate on a year-on-year basis was 34.58 per cent, this was 6.89 per cent higher than the 27.69 per cent recorded in August 2023, while on a month-on-month basis, it was 2.39 per cent versus 2.46 per cent in the preceding month, with the corresponding 12-month average for the urban inflation rate at 33.44 per cent in August 2024 versus the 23.46 per cent reported in August 2023.
As for the rural inflation rate, it was 29.95 per cent in August 2024 compared with 24.10 per cent in the sale period of last year, and on a month-on-month basis, it was 2.06 per cent compared with 2.10 per cent in July 2024, while the corresponding 12-month average was 29.32 per cent, in contrast to 21.39 per cent recorded in August 2023.
The NBS stated that the food inflation rate in August 2024 was 37.52 per cent on a year-on-year basis versus 29.34 per cent in August 2023 due to increases in prices of bread, maize grains, guinea corn, etc (bread and cereals class), yam, Irish potatoes, water yam, cassava tuber, etc (potatoes, yam & other tubers class), palm oil, vegetable, etc (oil & fats class) and Ovaltine, milo, Lipton, etc (coffee, tea & cocoa class).
On a month-on-month basis, it was 2.37 per cent versus 2.47 per cent in July 2024 because of the decline in the rate of increase in the average prices of tobacco, tea, cocoa, coffee, groundnut oil, milk, yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable etc.
The average annual rate of Food inflation for the 12 months ending August 2024 over the previous 12-month average was 36.99 per cent, which was 11.98 per cent higher than the average annual rate of change recorded in August 2023 at 25.01 per cent.
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.
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.
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.
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