Economy
Prices of Onions Decrease at Lagos Markets
By Ahmed Rahma
The prices of onions, which drastically increased after the lockdown a few months ago, have dropped in major markets in Lagos State and others.
Based on the information gathered by Business Post from sellers of the new gold at the Igando market on Tuesday, the price has dropped by 60 per cent to 50 per cent at the Mile 12 Market in Lagos. It was gathered that a bag of onions, which used to sell for N70,000, now goes for N35,000.
Another trader at the same market informed us that when the commodity became very scarce a few months ago, the bag went for N68,000 but the same bad of onions now goes for N40,000.
However, the onion seller, who identified himself as Adamu, disclosed that some retail sellers still sell the commodity at a high price so as to recover the loss they incurred when it was scarce.
“Although the price has dropped, I’m still selling at the normal price because I need to recover the loss of selling when the price increased.
“The onions I was selling for four pieces at N200 are still being sold at the same price; it is just a little bigger,” he told Business Post.
Another seller of onions at the Olugbede Model Market in Egbeda, Lagos identified as Abubakar Sanusi, explained to us that the prices of onions and other food items from the northern part of the country reduced because of the ease in the restriction of movement by the federal government.
However, he warned that prices may skyrocket again if the government impose another lockdown or fails to address the insecurity in the north.
“Government should protect farmers because Boko Haram and bandits are disturbing the farmers a lot. Also, they should not do another lockdown because things will be worse,” Mr Sanusi said.
Recall that last week, the News Agency of Nigeria (NAN) conducted a market survey in Enugu and it was observed that a bag of onions now sells for between N58,000 and N65, 000 as against N70,000 and N80,500 some months back.
A seller of the commodity, at the New Akwata in Garki Market, Mr Joe Ilora, had informed the news firm that the reduction in prices was due to an increased number of stored onions brought from the northern part of the country.
“Due to the increased number of onions brought in from the north, the scarcity of onions is now a thing of the past.
“Places like Sokoto, Kano and Jos, where we buy them from are now experiencing surplus,’’ Mr Ilora said.
Another onions trader, Mrs Clara Eze, at Garki market, said that the price of onions would further drop as its season of abundance was gradually getting closer.
Mr Dan Ugwu, who also sells onions, also blamed the high costs of months back to increased logistics charges like land charges, transportation and money paid to truck pushers.
He urged the government to build storage facilities for traders to preserve perishable items such as onions so that it would be available all year.
By Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.09 per cent on Wednesday, February 4, amid renewed appetite for unlisted stocks.
This lifted the NASD Unlisted Security Index (NSI) by 3.18 points to 3,641.30 points from the previous session’s 3,641.30 points and raised the market capitalisation by N1.9 billion to N2.180 trillion from the N2.178 trillion quoted on Tuesday.
The bourse recorded three price gainers and four price losers at the midweek session.
The advancers were led by Air Liquide Plc, which went up by N2.04 rise to end at N22.53 per share versus the previous session’s N20.49 per share, Central Securities Clearing System (CSCS) added 97 Kobo to sell at N44.97 per unit versus N44.00 per unit, and Acorn Petroleum Plc appreciated by 2 Kobo to N1.37 per share from N1.35 per share.
On the flip side, Geo-Fluids Plc lost 55 Kobo to sell at N6.26 per unit versus N6.81 per unit, Nipco Plc depreciated by 48 Kobo to trade at N259.00 per share versus N259.48 per share, FrieslandCampina Wamco Nigeria Plc declined by 40 Kobo to N63.10 per unit from N63.50 per unit, and Industrial and General Insurance (IGI) depleted by 1 Kobo to 65 Kobo per share from 66 Kobo per share.
Yesterday, the volume of trades slid by 64.5 per cent to 2.5 million units from 7.0 million units, the value of transaction decreased by 53.2 per cent to N17.7 million from N37.9 million, and the number of deals went down by 47.1 per cent to 18 deals from 34 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 16.0 million units valued at N652.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units exchanged for N111.2 million, and Geo-Fluids Plc with 11.7 million units traded for N76.1 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 16.0 million units sold for N652.6 million, trailed by Mass Telecom Innovation Plc with 13.3 million units worth N5.3 million, and Geo-Fluids Plc with 11.7 million units valued at N76.1 million.
By Adedapo Adesanya
The Naira rallied at the different segments of the foreign exchange (FX) market on Wednesday as supply continues to outweigh demand, giving it an edge against the United States Dollar.
In the parallel market, the Nigerian Naira improved its value on the greenback yesterday by N5 to quote at N1,450/$1 compared with the previous day’s N1,455/$1, and at the GTBank FX desk, it gained N3 to trade at N1,383/$1, in contrast to Tuesday’s exchange rate of N1,386/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is also the official market, the Naira firmed up against the Dollar at midweek by N14.63 or 1.1 per cent to settle at N1,358.28/$1 versus the preceding session’s N1,372.91/$1.
Against the Pound Sterling, the domestic currency appreciated on Wednesday by N14.16 to N1,863.43/£1 from the previous day’s N1,877.59/£1, and gained N13.73 on the Euro to end at N1,606.03/€1 versus the N1,619.76/€1 it was exchanged a day earlier.
The strengthening of the Naira value has been driven by the injection of forex into the financial markets by foreign investors seeking attractive investments in the emerging markets, helping to boost Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to support the local currency.
As of February 4, 2026, the reserves reached $46.59 billion.
The local currency has been able to find a solid path despite no indications of any intervention from the apex bank in recent week, strengthening the case of price discovery.
Policy moves by the CBN is also offering a backbone for the FX market as it considers some strategic reforms through a policy known as the Single Regulatory Window.
In its 2025 Fintech Report, the central bank said this scheme will significantly reduce time-to-market for new digital financial products by streamlining licensing and supervisory processes across multiple agencies.
Meanwhile, the cryptocurrency market was in red amid a broad sell-off in global technology stocks, with reports showing that liquidity was notably thin, amplifying price moves and contributing to forced liquidations. The decline followed a sharp sell-off in global technology stocks overnight, where concerns over the pace of artificial intelligence adoption and rising capital spending by major firms weighed heavily on valuations.
Bitcoin (BTC) lost 7.9 per cent to sell at $70,534.94, Ripple (XRP) declined by 11.2 per cent to $1.42, Binance Coin (BNB) slumped by 9.4 per cent to $689.70, Ethereum (ETH) crashed by 8.9 per cent to $2,072.46, and Solana (SOL) dipped by 8.7 per cent to $89.86.
In addition, Dogecoin (DOGE) depreciated by 6.9 per cent to $0.1008, Cardano (ADA) slipped by 6.8 per cent to $0.2792, Litecoin (LTC) dropped 5.1 per cent to trade at $57.56, and US Dollar Tether (USDT) went down by 0.1 per cent to $0.9980, while the US Dollar Coin (USDC) closed flat at $1.00.
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