Economy
Nigeria’s Inflation Bites Harder, Jumps to 20.52% in August 2022
By Adedapo Adesanya
Nigeria’s inflation hit an almost 17-year high as the price of goods and services surged further by 20.52 per cent in the month of August 2022 from 19.64 per cent recorded in the previous month.
This represents the highest rate since September 2005, according to the Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Thursday.
The data showed that Nigeria’s CPI rose by 20.52 per cent year-on-year in August 2022 and on a month-on-month basis, the index rose by 1.77 per cent compared to the 1.82 per cent increase recorded in the previous month.
Also, the urban inflation rate stood at 20.95 per cent, 3.36 per cent higher than the 17.59 per cent recorded in August 2021. The rural inflation rate in August 2022 was 20.12 per cent on a year-on-year basis; 3.69 per cent higher than the 16.43 per cent recorded in August 2021.
In the report, the NBS disclosed that food inflation rose to 23.12 per cent in August 2022, representing a 1.1 percentage point increase compared to 22.02 per cent recorded in the previous month.
On a month-on-month basis, the food inflation rate stood at 1.98 per cent, 0.07 per cent lower than the 2.04 per cent recorded in the previous month.
According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food product, potatoes, yams, and other tubers, fish, meat, oil, and fat.
Meanwhile, the average annual rate of food inflation for the 12-month period ending August 2022 over the previous 12-month average was 19.02 per cent, which was a 1.48 per cent decline from the average annual rate of change recorded in August 2021 (20.50 per cent).
The ‘’All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 17.20 per cent in August 2022 on a year-on-year basis; up by 0.94 per cent when compared to 16.26 per cent recorded in July 2022.
On a month-on-month basis, the core inflation rate was 1.59 per cent in August 2022. This was down by 0.17 per cent when compared to 1.75 per cent recorded in July 2022.
Notably, the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, fuel and lubricants for personal transport equipment, Cleaning, Repair, and Hire of clothing.
In August 2022, all items inflation rate on a year-on-year basis was highest in Ebonyi (25.33 per cent), Rivers (23.70 per cent), Bayelsa (23.01 per cent), while Jigawa (17.30 per cent), Borno (17.56 per cent) and Zamfara (18.04 per cent) recorded the slowest rise in headline Year-on-Year inflation.
Meanwhile, food inflation on a year-on-year basis was highest in Kwara (30.80 per cent), Ebonyi (28.06 per cent) and Rivers (27.64 per cent), while Jigawa (17.77 per cent), Zamfara (18.79 per cent) and Oyo (19.80 per cent) recorded the slowest rise on year-on-year food inflation.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.
FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.
However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.
Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.
The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.
Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Dipo Olowookere
A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.
This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.
The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.
Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.
The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.
The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.
At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.
The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.
This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.
GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.
By Adedapo Adesanya
The Naira extended its gains against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 25 by 0.22 per cent or N3.59 to sell for N1,599.42/$1 compared with the N1,603.01/$1 it was traded in the previous session.
The Nigerian currency also improved its value against the Euro in the official market by N1.36 to close at N1,818.53/€1 compared with Thursday’s closing price of N1,819.89/€1.
However, the domestic currency depreciated against the Pound Sterling in the same market segment yesterday by N1.90 to wrap the session at N2,130.44/£1 versus the preceding session’s rate of N2,128.50/£1.
At the black market segment, the Naira appreciated against the greenback on Friday by N2 to quote at N1,605/$1, in contrast to the previous day’s value of N1,607/$1.
In the cryptocurrency market, a possible regulatory progress about digital assets in the US spurred buying interest among investors during the trading session.
The chairman of the US Securities and Exchange Commission, Mr Paul Atkins, was at a crypto roundtable on Friday and he devoted his inaugural speech to assuring the industry that he will continue to remake securities policy to favor digital assets innovation.
Litecoin (LTC) rose by 3.0 per cent to $87.24, Dogecoin (DOGE) grew by 2.7 per cent to $0.1862, Bitcoin (BTC) increased by 1.3 per cent to $94,687.84, Ethereum (ETH) jumped by 1.2 per cent to $1,797.51, Cardano (ADA) improved by 0.9 per cent to $0.7235, and Ripple (XRP) gained 0.6 per cent to close at $2.20.
On the flip side, Solana (SOL) depreciated by 0.9 per cent to $151.64, and Binance Coin (BNB) lost 0.8 per cent to sell for $602.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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