Economy
Nigeria’s Inflation Rises to 18.72% in January
By Modupe Gbadeyanka
Latest figures released by the National Bureau of Statistics (NBS) have revealed that inflation in Nigeria reached 18.72 percent (year-on-year) in January 2017.
This is in contrast to 18.55 percent it recorded in December 2016.
The figures were released by the NBS on Wednesday, February 15, 2017 and obtained by Business Post.
Increases were recorded in all COICOP divisions that yield the Headline Index.
Communication and Restaurants and Hotels again recorded the slowest pace of growth in January, growing at 5.1 percent and 8.4 percent (year-on-year) respectively.
However, the faster pace of growth in headline inflation, year on year, were bread and cereals, meat, fish, oils and fats, potatoes, yams and other tubers, wine and spirits, clothing materials and accessories, electricity, cooking gas, liquid and solid fuels, motor cars and maintenance, vehicle spare parts and fuels and lubricants for personal transport equipment, passenger transport by road.
On a month on month basis, headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment, liquid fuels, cooking gas, oils and fats, fruits, Miké cheese and eggs, fish, meat and bread and cereals.
The Food Index increased by 17.82 percent (year-on-year) in January, up by 0.43 percent points from rate recorded in December 2016 (17.39) percent. During the month, all major food sub-indexes increased, with Soft Drinks recording the slowest pace of increase at 7.8 percent(year on year).
Price movements recorded by All Items less farm produce or Core sub-index rose by 17.90 percent (year-on-year) in January, down by 0.20 percent points from rates recorded in December 2016 (18.10) percent.
During the month, the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Education and Transport growing at 27.2, 21.0 and 17.2 percent respectively.
On a month-on-month basis, the Headline index increased albeit, at a slower pace in January 2017. The index increased by 1.01 percent point in January, 0.05 percent points from 1.06 percent rate recorded in December 2016.
It should be noted that the Headline Index is made up of the Core Index and Farm Produce items. As.
Processed Foods are included in both the Core and Food sub-indices; this Implies that these sub-indices are not mutually-exclusive.
The Urban index rose by 20.31 percent (year-on-year) in January from 20.12 percent recorded in
December, and the Rural index increased by 17.34 percent in January from 17.20 percent in December.
On month-on-month basis, the urban index rose by 1.03 percent in January from 1.08 percent recorded in December, while the rural index rose by 1.00 percent in January from 1.04 percent in December.
The corresponding twelve-month year-on-year average percentage change for the urban index increased from 17.05 percent in December to 17.91 percent in January, while the corresponding rural index also increased from 14.54 percent in December to 15.18 percent in January.
The Composite Food Index rose by 17.82 percent in January 2017. The rise in the index was mainly driven by increases in prices of Bread and cereals, Meat, Oil and Fats, and Fish.
On a month-on-month basis, the Food sub-index increased by 1.29 percent in January, down by 0.04 percent points from 1.33 percent recorded in December.
The average annual rate of change of the Food sub-index for the twelve-month period ending in January 2017 over the previous twelve-month average was 15.54 percent, 0.59 percent points from the average annual rate of change recorded in December(14.95 percent).
The ”All Items Less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 17.9 percent during the month, 0.20 percent points from 18.1 percent recorded in December as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 0.68 percent in January, 0.06 percent points higher from 0.62 percent recorded in December. The highest increases were recorded in electricity, gas, passenger transport by air, liquid fuel, fuel and lubricants for personal transport equipment and solid fuels.
The average 12-month annual rate of rise of the index was recorded at 16.04 percent for the twelve-month period ending in January 2017, 0.73 percent points higher from the twelve-month rate of change recorded in December.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.36 per cent on Wednesday, August 19, slicing the market capitalisation of the platform by N9.41 billion to N2.60 trillion from N2.610 trillion, and reducing the NASD Security Index (NSI) by 15.67 points to 4,333.09 from 4,348.76 points.
The securities depository company lost N10.30 at midweek to close at N88.12 per share versus Tuesday’s closing price of N90.02 per share.
This offset the 38 Kobo gained by Golden Capital Plc during the session. The stock traded at N14.05 per unit compared with the preceding day’s N13.67 per unit.
Yesterday, the volume of securities soared by 557.2 per cent to 747,429 units from 113,728 units, the value of securities jumped by 934.0 per cent to N9.4 million from N375.7 million, and the number of deals increased by 35.5 per cent to 42 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units exchanged for N6.5 billion, and CSCS Plc with 79.9 million units worth N5.8 billion.
GNI Plc also finished the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units transacted for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Adedapo Adesanya
The Naira weakened by N7.09 or 0.53 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, August 19, to N1,350.41/$1 from the previous rate of N1,343.32/$1.
The local currency also significantly depreciated against the Pound Sterling in the official market yesterday, by N19.87, to close at N1,839.13/£1 versus the previous day’s N1,819.26/£1, and against the Euro, it lost N18.07 to end at N1,574.31/€1 versus Tuesday’s price of N1,556.24/€1.
However, at the black market, the Naira maintained stability against the US Dollar at N1,390/$1, and also remained unchanged at the GTBank forex desk at N1,357/$1.
Interbank FX turnover increased by 1.72 per cent to $370.980 million from $364.709 million, according to the daily update by the Central Bank of Nigeria (CBN).
On the other hand, the number of interbank FX deals declined to 100, from 108 the previous day, reflecting a moderate slowdown in activities.
Available data from the central bank showed that demand for FX by end-users in Nigeria fell by 35.23 per cent to $3.42 billion in April 2026, easing pressure on the Dollar market as the Naira recorded modest gains.
This occurred as FX utilisation across economic sectors declined during the month, while the Naira strengthened at the official market. Across several sectors, including oil, food, and manufacturing, there were drops.
The monthly average exchange rate improved 1.38 per cent to N1,361.22 per Dollar in April from N1,379.98/$1 in March. At the end of the review month, the domestic currency closed at N1,374.94 per Dollar at NAFEM, compared with N1,386.72/$1 at the end of March.
In the cryptocurrency market, coins recorded massive jumps following the US Treasury’s decision to at least double bond buyback operations and was reinforced by a bond-market surge and President Donald Trump’s call for Congress to advance crypto market-structure legislation.
The American President urged Congress to advance the Digital Asset Market Clarity Act, calling for “a fair version” of the market structure bill that has been stuck in the Senate.
Ethereum (ETH) surged by 18.2 per cent to $2,261.93, Solana (SOL) rose by 11.4 per cent to $85.77, Ripple (XRP) expanded by 10.5 per cent to $1.10, Bitcoin (BTC) grew by 8.6 per cent to $69,784.82, Dogecoin (DOGE) added 7.3 per cent to sell at $0.0751, Cardano (ADA) rose by 4.8 per cent to $0.1842, Binance Coin (BNB) jumped by 4.5 per cent to $628.45, and TRON (TRX) increased by 0.1 per cent to $0.3330, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Aduragbemi Omiyale
Those who purchased the N40 billion bond issued by Geregu Power Plc in 2022 but did not receive payments last month as expected have reportedly now been paid by the energy company.
Geregu Power, listed on the Nigerian Exchange (NGX) Limited, was in the news recently over the repayment default on July 28, 2026, triggering panic in the capital market.
Last week, the organisation admitted the issues caused by this default, but said, “Discussions and engagements are ongoing, and the company will continue to act in good faith in fulfilling its responsibilities.”
It further disclosed that “relevant stakeholders and advisers [are being actively engaged] regarding the resolution of the various challenges and is committed to achieving an orderly and mutually beneficial outcome.”
The latest information indicated that N6.03 billion owed investors under the firm’s N40.09 billion Series 1 Senior Unsecured Bond has been cleared.
This is expected to bring relief to investors, who may have feared the worst after the entity failed to meet its debt obligations when due.
However, on the FMDQ Securities Exchange, the status of the debt instrument remains as “credit default in the 8th coupon payment and 4th bullet principal repayment.”
As of the time of filing this report, Geregu Power has yet to confirm the clearing of the N6 billion debt.
