Economy
Price of Kerosene Jumps 7.3% to N397/Litre
By Ashemiriogwa Emmanuel
The average amount paid by consumers in Nigeria for kerosene increased in July by 7.3 per cent to N397.34 per litre from N370.29 per litre recorded in June 2021.
This was revealed by the National Bureau of Statistics (NBS) in its recently released National Household Kerosene Price Watch for July 2021.
Analysis of the data by Business Post showed that there was an 18.4 per cent year-on-year increase in the average cost of the commodity per litre when compared to the N335.5 recorded in July last year.
In Ebonyi State, the average price of kerosene was N520.83 per litre in the month under review, 46.9 per cent higher than N354.44/litre it cost July 2020, but 8.9 per cent higher than N478.33/litre paid in June 2021.
This was followed by Taraba and Jigawa state where it was sold for N491.8 and N457.4 per litre, indicating an increase of 26.2 and 47.55 per cent year-on-year and 0.68 and 14.06 per cent month-on-month, respectively.
The case was quite different in Bayelsa state where the commodity was sold at the lowest average of N241.7 per litre, which is a 3.7 per cent drop from the N250.95 it was sold for at the same period last year, but a 7.7 per cent higher than the price last month.
Similarly, the lowest average price of kerosene per litre was recorded in Adamawa and Niger state, where it was sold for N316.67 and N338.64 respectively.
According to the data, the average price of the commodity paid by consumers nationwide per gallon increased by 3.8 per cent to N1,302.7 in July from N1,255.2 last month. This relatively indicates a 7.9 per cent increase from the N1218.5 recorded at the same in 2020.
Observing the highest average price at which kerosene was sold per gallon, it was revealed that states within this bracket were Ekiti at N1,591.7, Plateau at N1,556.25, and Abuja at N1,480.00.
Meanwhile, Yobe, Rivers, and Bayelsa states were areas where it was sold at the lowest as residents in those states paid, on average, N1,080, N1,081.6, and N1,088.5 respectively for the commodity per gallon.
Kerosene has remained a very vital source of energy for cooking for most families, both in rural areas and cities. The report showed that consumers of the commodity in the South-West zone of the country paid less at N374.9 per litre, while it cost the highest at N410.5 in North Central Zones.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) 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 traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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