Economy

Prices of Rice, Tomato, Beans, Garri, Others Drop in June

Published

6 years ago

22/07/2019

By Adedapo Adesanya

The prices of major food commodity declined across the states in Nigeria in the month of June 2019, compared with what was recorded in the month of May, a report released few days ago by the National Bureau of Statistics (NBS) shows.

In the report, which sampled some selected food items, it was discovered that the price of 1kg worth of tomato decreased by 9.40 percent to N226.07 in the month of June from N249.52 in May.

According to the data analysed by Business Post, prices of the various categories of rice sampled all dropped. For example, price of the medium rice suffered the heaviest drop of 2.80 percent to sell at an average N308/kg in the month of June followed by the local Rice which went down by 2.57 percent from the previous month to sell at an average of N271/kg. Other categories of the grain product, the Ofada rice saw a 1.13 percent drop to sell at N373.5 (per kg) while the agric rice fell by 1.03 percent in June to N318.25/kg.

Another major food commodity that saw a large drop in prices (per kg) was beans. The brown beans dropped by 6.16 percent to N342.62 in the month under review, while the white beans also recorded a price reduction of 5.54 percent to sell for an average of N311 per kg.

Yam, according to the NBS Data, recorded the largest fall in prices of selected food commodities in the sixth month of the year, as the price went down by a whopping 15.68 percent to go for as low as N182 per kg.

The yellow and white garri also saw double-digit decrease as both fell by 13.68 and 10.05 percent respectively to N156 and N145 per kg apiece.

Also, fish saw drop in prices between 0.91 – 3 percent on all the various types of the commodity studied. Frozen Titus fish went down by 0.91 percent to sell at N940/kg. Smoked catfish depreciated by 1.49 percent last month to N1530 per kilo. The price of frozen mackerel reduced by 1.7 percent to N925 per kg.

Bread, one of the major end products of flour, also recorded changes in both categories of the commodity studied (sliced and unsliced 500g). Sliced bread recorded a change of 1.53 percent from the price quoted in May to drop to N292.73 per loaf. Unfortunately, it wasn’t the case with the latter (unsliced) as prices went up by 0.88% percent to sell at a quoted N274.49.

Benue state, the food basket of the nation, saw the highest price range of beef (bone in) as price went as high as N1244 in the state, but the average price (per kg) for the animal produce across the nation was N1003, with an almost 2 percent change in price from the previous month. Boneless beef, on the other hand, recorded a higher drop of 2.3 percent to sell at an average price of N1240.

Dairy products like chicken, eggs, and milk were also studied and from the analysis, the price of chicken feet and wings both decreased by 4.69 percent and 3.06 percent to N693 and N905 per kilogram respectively while frozen chicken went up by 3 percent to as high as N1750/kg.

A dozen of egg also went up by 6.6 percent to go for N495 but the medium price of a single piece of the dairy product of N39 saw an 8.20 percent drop, according to the statistical report. The price of evaporated milk likewise dropped by almost 4 percent to go for almost N157 per unit.

Onions, Maize grain, oil, plantain, were also some of the food commodities that recorded various decrease in prices in the month of June 2019.

Economy

NASD OTC Bourse Declines Further by 0.16%

Published

1 hour ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.16 per cent decline on Tuesday, January 21, extending its loss this week to two.

This further depleted the market capitalisation of the alternative stock exchange by N1.65 billion at the close of transactions to N1.071 trillion from the N1.073 trillion it closed in the preceding session.

In the same vein, the NASD Unlisted Security Index (NSI) slid by 4.79 points to wrap the session at 3,100.33 points compared with 3,105.12 points recorded in the previous session.

The bourse ended with two price losers yesterday led by Geo Fluids Plc, which gave up 32 Kobo to trade at N4.38 per share versus Monday’s closing price of N4.70 per share and FrieslandCampina Wamco Nigeria Plc, which depreciated by 15 Kobo to close at N39.50 per unit compared with the previous day’s N39.65 per unit.

On the second trading day of the week, the number of deal carried out slightly went up by 8.3 per cent to 13 deals from the 12 deals executed at the previous trading session.

Also, the value of transactions increased by 97.2 per cent to N4.5 million from the N2.5 million recorded a day earlier, while the volume of securities traded in the session declined by 71.6 per cent to 183,780 units from the 767,610 units recorded on Monday.

FrieslandCampina Wamco Nigeria Plc remained the most traded equity by value (year-to-date) with 4.1 million units worth N162.9 million, followed by Geo-Fluids Plc with 9.1 million units valued at N44.0 million, and 11 Plc with 55,358 sold for N14.5 million.

Also, Industrial and General Insurance (IGI) Plc closed the day as the most active stock by volume (year-to-date) with 25.3 million units worth N5.9 million, trailed by Geo-Fluids Plc with 9.1 million units sold for N44.0 million, and FrieslandCampina Wamco Nigeria Plc with 4.1 million units valued at N162.9 million.

Economy

Naira Crashes to N1,552/$1 at NAFEM, N1,670/$1 at Black Market

Published

2 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

Pressure further mounted on the Nigerian Naira in the different segments of the foreign exchange market on Tuesday, making its value to shrink against the United States Dollar at the close of business.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency crashed against its American counterpart during the session by 0.18 per cent or N2.73 to settle at N1,552.78/$1, in contrast to Monday’s closing price of N1,550.05/1.

But against the Pound Sterling and the Euro, the local currency traded flat in the official market yesterday at N1,906.98/£1 and N1,613.48/€1, respectively.

As for the black market segment, the Naira weakened against the Dollar on Tuesday by N5 to sell for N1,670/$1 compared with the preceding day’s value of N1,665/$1.

Meanwhile, the cryptocurrency market heaved a sigh of relief during the session as President Donald Trump created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.”

The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. This is after Mr Gary Gensler, an opponent of crypto, officially stepped down as chairman of the US Securities and Exchange Commission (SEC) after Mr Trump’s term started.

The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations.

Solana (SOL) recorded a 9.2 per cent growth to sell at $257.09, Dogecoin (DOGE) rose by 7.6 per cent to $0.36789, Ripple (XRP) added 4.0 per cent to finish at $3.18, and Bitcoin (BTC) increased by 3.7 per cent to $105,515.03.

Further, Binance Coin (BNB) appreciated by 2.8 per cent to close at $699.01, Cardano jumped by 2.1 per cent to trade at $0.9972, Ethereum (ETH) soared by 2.0 per cent to settle at $3,308.21, and Litecoin (LTC) went up by 1.5 per cent to end at $116.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Brent Falls Below $80 as US Signals Boost to Oil Output

Published

3 hours ago

22/01/2025

Adedapo Adesanya

By Adedapo Adesanya

The price of the Brent crude oil grade went below the $80 mark on Tuesday after it shed 86 cents or 1.1 per cent to trade at $79.29 per barrel after the US President, Mr Donald Trump, signaled the possibility of his country boosting its oil production.

This move raised concerns of higher US output in a market widely expected to be oversupplied this year, with the US West Texas Intermediate (WTI) crude futures falling by $1.99 or 2.6 per cent during the session to $75.89 per barrel.

On his first day in office, the US President signed an executive order to unleash America’s energy by easing the barriers to oil and gas extraction and production and revoking a series of climate orders by former President Joe Biden.

As pledged in the campaign, the executive order follows the declaration of a national energy emergency.

The declaration includes measures to expedite energy infrastructure delivery, and emergency approvals by agencies “to facilitate the identification, leasing, siting, production, transportation, refining, and generation of domestic energy resources, including, but not limited to, on Federal lands.”

This will likely confirm expectations that the oil market will be oversupplied this year after weak economic activity and energy transition efforts weighed heavily on demand in top-consuming nations the US and China.

President Trump also said he was considering imposing 25 per cent tariffs on imports from Canada and Mexico from February 1, rather than on his first day in office as promised.

The delay helped ease concerns of an immediate tightening of the market among US refiners, many of which are geared to process the type of crude oil supplied by these countries.

The US Energy Information Administration (EIA) reiterated on Tuesday its expectations for oil prices to decline both this year and next.

On its part, the Organisation of the Petroleum Exporting Countries (OPEC) projects robust demand growth in the world both this year and next.

In 2025, OPEC says demand is set to grow by 1.4 million barrels per day leaving its projection unchanged from the December report.

However, losses were also limited after the US president said his administration would “probably” stop buying oil from Venezuela. The U.S. is the second-biggest buyer of Venezuelan oil after China.

Also weighing on prices on Tuesday was the potential end to the shipping disruption in the Red Sea.

Yemen’s Houthis said on Monday they will limit their attacks on commercial vessels to Israel-linked ships provided the Gaza ceasefire is fully implemented.