Economy
Nigeria’s Inflation to Drop to 16.95% in February—FSDH
By Modupe Gbadeyanka
A new report released on Thursday, March 2, 2017, by FSDH Research has revealed that the February 2017 inflation rate (year-on-year) is expected to drop to 16.95 percent from 18.72 percent recorded in the month of January 2017.
According to FSDH Research, the drop in inflation rate is expected after 15 months of consecutive increase and to “come mainly as a result of base effect.”
On March 15, 2017, the National Bureau of Statistics (NBS) is expected to release the inflation rate for the month of February 2017.
It was disclosed that the monthly Food Price Index (FPI) that the Food and Agriculture Organization (FAO) released yesterday shows that the Index averaged 175.5 points, 0.52 percent higher than the slightly revised value for January 2017, and 17.24 percent higher than the February 2016 figure.
With the exception of vegetable oil, the increase in the FPI represented increases in all categories of commodities used in the calculation of the FFPI.
The FAO Cereal Price Index increased by 2.52 percent from the previous month and represents an eight-month high.
The sustained increase recorded in the cereal price Index is as a result of the rise in the prices of wheat, maize and rice.
The FAO Meat Price Index was up by 1.06 percent as prices of bovine and ovine meat increased sharply while those of poultry and pig meat changed marginally.
The FAO Dairy Index appreciated marginally by 0.64 percent from January 2017, and recorded the highest level since August 2014. Butter and whole milk powder were the major drivers of the Index.
Also, the FAO Sugar Price Index was up by 0.61 percent in February on the heels of reports of low production conditions in the main sugar producing regions of Brazil, India and Thailand.
On the flip side, the FAO Vegetable Oil Price Index was down by 4.09 percent.
The Index is however, still 19 percent up from last year.
Easing global import demand put downward pressure on the prices of palm oil and soy.
The prices of food items that FSDH Research monitored in February 2016 moved in varying directions.
The prices of tomatoes, sweet potatoes, meat and garri were up by 16.23 percent, 11.11 percent, 5.13 percent and 4.17 percent respectively; meanwhile, the prices of palm oil, Irish potatoes, rice, onions, beans and fish were down by 8.33 percent, 7.41 percent, 5.33 percent, 3.33 percent, 3.33 percent and 0.72 percent respectively.
The prices of vegetable oil and yam remained unchanged.
The movement in the prices of food items during the month resulted in 0.85 percent increase in our Food and Non-Alcoholic Index to 222.31 points.
“We also noticed increases in the prices of Housing, Water, Electricity, Gas & Other Fuels divisions between January 2017 and February 2017.
“Our model indicates that the price movements in the consumer goods and services in February 2017 would increase the Composite Consumer Price Index (CCPI) to 217.41 points, representing a month-on-month increase of 0.78 percent.
“We estimate that the increase in the CCPI in February will produce an inflation rate of 16.95 percent lower than the 18.72 percent because of the sharp increase in the CCPI in February 2016,” the report said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis 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 transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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