Economy
Oil Prices up as US Inflation Data Outweighs OPEC Supply Concerns
By Adedapo Adesanya
Oil prices were marginally higher on Friday after data showed an overall slowdown in US inflation, helping offset supply concerns as the Organisation of the Petroleum Exporting Countries and allies (OPEC+) is leaning towards a resumption in production increases.
Brent crude futures grew by 23 cents or 0.3 per cent to $67.75 a barrel, while the US West Texas Intermediate (WTI) crude futures expanded by 5 cents or 0.08 per cent to $62.89 per barrel.
US consumer prices increased less than expected in January amid cheaper gasoline prices and a moderation in rental inflation.
The Consumer Price Index rose 0.2 per cent last month after an unrevised 0.3 per cent gain in December, the Labor Department’s Bureau of Labor Statistics said.
The report followed news this week of an acceleration in job growth in January and a drop in the unemployment rate to 4.3 per cent from 4.4 per cent in December.
Market analysts noted that since inflation is stabilising, it may lead to interest rates probably continuing to move a little bit lower.
OPEC is leaning towards a resumption in oil output increases from April, ahead of the upcoming peak summer fuel demand, and amid firmer crude prices owing to tensions over US-Iran relations.
There are indications that this will happen when eight OPEC+ producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – meet on March 1.
The eight members raised production quotas by about 2.9 million barrels per day from April to the end of December 2025, equating to about 3 per cent of global demand, and froze further planned increases for January through March 2026 because of seasonally weaker consumption.
OPEC’s latest oil market forecasts show demand for OPEC+ crude in the second quarter falling by 400,000 barrels per day from the first three months of the year, but demand for the whole year is projected to be 600,000 barrels per day higher than in 2025.
Oil prices had strengthened earlier in the week on concerns that the US could attack Middle Eastern oil producer Iran over its nuclear programme. The US is sending an aircraft carrier from the Caribbean to the Middle East on Friday, a move that would put two carriers in the region as tensions soar between the two countries.
The US also eased sanctions on Venezuela’s energy sector on Friday, issuing two general licenses that allow global energy companies to operate oil and gas projects in the OPEC member and for other companies to negotiate contracts to bring in fresh investments.
On the US supply side, Baker Hughes said oil rigs fell by three to 409 this week.
By Adedapo Adesanya
Nigerians paid more to buy staple foods, including eggs, beans, and garri, in March 2026 compared with what they paid in the preceding month, according to the National Bureau of Statistics (NBS).
The agency, in its Selected Food Prices Watch report for March 2026, released on Wednesday, said that the average price of eggs (a crate of 30 pieces) on a month-on-month basis went up by 2.00 per cent from N6,007.35 in February 2026.
However, the price of the proteinous meal decreased by 20.12 per cent on a year-on-year basis from N7,670.56 recorded in March 2025 to N6,127.63 in March 2026.
Similarly, the report said that the average price of 1kg of brown beans decreased by 49.39 per cent on a year-on-year basis from N2,616.26 in March 2025 to N1,325.85 in March 2026, but on a month-on-month basis, the price increased by 1.41 per cent from the N1,307.44 recorded in February 2026. It also showed the average price of 1kg of white garri decreased by 41.19 per cent on a year-on-year basis from N1,362.96 in March 2025 to N801.4 in March 2026, and on a month-on-month basis, it rose by 1.38 per cent from the N790.62 recorded in February 2026.
The report said that the average price of 1kg of onion decreased by 19.63 per cent from N1,434.85 recorded in March 2025 to N1,153.14 in March 2026. On a month-on-month basis, 1kg of onions increased by 1,59 per cent in March from the N1,135.12 recorded in February 2026.
The report said the average price of 1kg of fresh ginger increased by 20.46 per cent from the N4,600.23 recorded in March 2025 to N5,541.25 in March 2026. On a month-on-month basis, 1kg of ginger increased by 0.61 per cent in March from the N5,507.43 recorded in February 2026.
However, it said the average price of one litre of palm oil decreased by 4.71 per cent on a year-on-year basis from N2,511.77 recorded in March 2025 to N2,393.38 in March 2026.
By Adedapo Adesanya
Four securities buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 1.00 per cent on Wednesday, May 6.
During the session, 11 Plc soared by N19.10 to sell at N210.10 per unit compared with the previous day’s N191.00 per unit, FrieslandCampina Wamco Nigeria Plc gained N9.90 to close at N116.80 per share versus N106.90 per share, Food Concepts Plc rose by 23 Kobo to N2.59 per unit from N2.36 per unit, and IPWA Plc increased by 3 Kobo to trade at N7.3o per share compared with the preceding day’s N7.27 per share.
As a result, the market capitalisation went up by N24.32 billion to N2.454 trillion from N2.429 trillion, and the NASD Unlisted Security Index (NSI) grew by 40.64 points to 4,101.58 points from 4,060.94 points.
It was observed that at midweek, there were two price decliners led by Okitipupa Plc, which shrank by N5.00 to finish at N300.00 per unit compared with the previous day’s N305.00 per unit, and Central Securities Clearing System (CSCS) Plc dipped by N1.14 to N76.00 per share from N77.14 per share.
The volume of securities traded by investors fell by 9.5 per cent to 506,651 units from the 679,768 units recorded a day earlier, and the number of deals slid by 15.9 per cent to 37 deals from 44 deals, while the value of securities went up by 25.5 per cent to N44.8 million from the N30.9 million recorded on Tuesday.
At the close of business, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 60.3 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also ended the session 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 sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
The Naira maintained stability against the United States Dollar in the parallel market segment of the foreign exchange (FX) market on Wednesday at N1,380/$1, according to data obtained by Business Post.
However, at the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback by N9.22 or 0.67 per cent to quote at N1,357.34/$1 versus Tuesday’s closing value of N1,366.56/$1.
Equally, the local currency gained N5.58 against the Pound Sterling in the same market window at midweek to close at N1,847.20/£1 compared with the previous day’s N1,852.78/£1, and against the Euro, it was strengthened by N3.74 to N1,595.00/€1 from N1,598.74/€1.
In the same vein, the Nigerian Naira improved its rate against the US Dollar at the GTBank forex counter yesterday by N9 to sell at N1,375/$1, in contrast to the preceding session’s N1,384/$1.
Market activity improved notably, with total deals rising to 287 on Wednesday, a 25 per cent increase from 262 recorded on Tuesday. FX turnover climbed by 59.22 per cent or $157.88 million to $424.46 million from $266.58 million posted the previous day.
Activity in the interbank segment also strengthened. The number of deals rose by 62.6 per cent to 161 on Wednesday from 99 on Tuesday, while turnover surged by 120.95 per cent to $158.18 million from $71.59 million.
The improved liquidity conditions saw Nigeria’s external reserves continue their downward trend, declining to $48.33 billion as of May 5, 2026, according to data from the apex bank.
The Naira could face mild pressure from maturing securities, particularly the large volume of Open Market Operations (OMO) maturities exceeding N7 trillion. However, inflows from autonomous sources are expected to provide some cushion against potential volatility, analysts at the FMDA said.
Meanwhile, the cryptocurrency market was mixed as global stock markets ripped to fresh records on US-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.
Binance Coin (BNB) gained 1.9 per cent to sell for $646.39, Solana (SOL) appreciated by 1.4 per cent to $88.55, Cardano (ADA) rose by 1.0 per cent to $0.2661, and TRON (TRX) increased by 0.3 per cent to $0.3447.
On the flip side, Dogecoin (DOGE) fell by 4.1 per cent to $0.1108, Ethereum (ETH) declined by 1.4 per cent to $2,329.51, Ripple (XRP) slipped by 1.7 per cent to $1.41, and Bitcoin (BTC) decreased by 0.3 per cent to $81,025.93, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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