Economy

Inflation to Marginally Drop to 15.91% in October—FSDH

Published

8 years ago

03/11/2017

By Modupe Gbadeyanka

Data released last month by the National Bureau of Statistics (NBS) revealed that inflation in the month of September 2017 declined to 15.98 percent from 16.01 percent in August, though food prices still remained high.

For the month of October 2017, which is due for release by the NBS later this month, precisely on Saturday, November 18, 2017, analysts at FSDH are predicting a marginal fall in the rate.

According to its Inflation Watch report released on Thursday, FSDH Research says it expects the inflation rate (year-on-year) to drop to 15.91 percent in October 2017 from 15.98 percent reported in the month of September 2017.

It explained that the expected marginal decline in the inflation rate is premised on slower increase in the food and non-food divisions, compared with the previous month.

FSDH Research said the monthly Food Price Index (FPI) released on Thursday by the Food and Agriculture Organization (FAO) showed that the Index averaged 176.4 points, 1.26 percent lower than the revised value for September 2017, but 2.45 percent higher than the October 2016 figure.

According to the FAO, all categories of commodities used in the calculation of the Index dropped in value with the exception of cereal.

The FAO Dairy Index fell by 4.19 percent from September 2017 as the prices of butter, skim milk powder (SMP) and whole milk powder (WMP) eased in October.

The FAO Vegetable Oil Price Index was down by 1.06 percent. This was as a result of abundant inventory levels of soy and palm oil in Malaysia, Southeast Asia and the United States of America coupled with a favourable outlook for global supply in 2017/18.

The FAO Meat Price Index was down by 0.9 percent as prices of ovine and pig meat declined due to reduced import demand. The FAO Sugar Price Index was down by 0.67% in October 2017 on the heels of reports on improved supply conditions in 2017/2018 in the main sugar producing region of Brazil.

Also, a weaker Brazilian Real and the slowdown in demand from China weighed down on the value of the Index.

On the flip side, the FAO Cereal Price Index was up by 0.65 percent in October 2017 as a result of the increase in the prices of rice and maize. Increased competition amongst exporters and sufficient supplies weighed on the prices of wheat.

FSDH said its analysis indicates that the value of the Naira depreciated at the inter-bank market, while it appreciated at the parallel market. The Naira lost by 0.02% at the inter-bank market to close at $/N305.80 while it gained 0.83 percent at the parallel market to close at $/N362.50 at the end of October.

The Naira appreciation in the parallel market and the drop in the prices of food at the international market led to a drop in the prices of some consumer goods in Nigeria.

The prices of most of the food items we monitored in October 2017 moderated downwards, while a few items recorded price appreciation. The movement in the prices of food items during the month resulted in 0.85 percent increase in our Food and Non-Alcoholic Index to 256 points.

“Our Food and Non-Alcoholic Index increased by 20.24 percent from 212.90 points in October 2016. We also noticed increase in the prices of Housing, Water, Electricity, Gas & Other Fuels divisions between September 2017 and October 2017.

“Our model indicates that the general price movement in the consumer goods and services in October 2017 increased the Composite Consumer Price Index (CCPI) to 243.04 points, representing a month-on-month increase of 0.77 percent.

“We estimate that the increase in the CCPI in October 2017 would produce an inflation rate of 15.91 percent marginally lower than the 15.98 percent recorded in September 2017, the firm said.

Economy

Xenergi in Talks to Acquire 51% Stake in Premier Paints

Published

54 minutes ago

17/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

One of the paint makers in Nigeria, Premier Paints Plc, is currently in talks with a new investor, Xenergi Limited, for the purchase of 51 per cent stake in the company.

Xenergi Limited intends to acquire shares of Clover Global Resources Limited and TGHL Capital Limited in the organisation.

Business Post gathered that the new investor will buy 39.02 per cent from Clover Global Resources Limited and 15.20 per cent from TGHL Capital Limited.

The deal, according to a regulatory notice issued on Tuesday on the Nigerian Exchange (NGX) Limited, will involve about 63 million shares of Premier Paints.

At the current share price of the paint producer, this should be about N630 million as it closed at N10.00 per unit on NGX on December 16, 2025.

“Subject to obtaining required regulatory approvals, the transaction is expected to close before January 31, 2026.

“The company will continue to inform the public of the progress of the transaction,” the disclosure signed by the company secretary, Alozie Nwokoro, said.

Economy

Naira Trades Flat Across FX Market Windows as CBN Moves to Ease Pressure

Published

3 hours ago

17/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, December 16, retaining the previous closing value of N1,451.82/$1.

In the same vein, the local currency saw no movement against the Pound Sterling and the Euro in the spot market during the session at N1,943.98/£1 and N1,705.74/€1, respectively.

Also, the Nigerian Naira remained unchanged in the black market yesterday at N1,475/$1 and was N1,460/$1 at the GTBank forex counter.

The Central Bank of Nigeria (CBN) has strengthened US Dollar supply with $250 million to authorised dealer banks at the official window cumulatively as foreign portfolio investors, exporters and non-bank corporate supply dripped.

The spread between official and other non-regulated markets decreased to N30.59$/1 from N44.57/$1, from the previous week, research subsidiary of Coronation Merchant Bank Limited said in a report.

FX analysts said foreign exchange inflows through the Nigerian Foreign Exchange Market decreased to $716.3 million from $844.70 million in the previous week , a 15 per cent drop in a week.

Foreign portfolio investors accounted for the highest share of inflows at 32.98 per cent, followed by exporters at 30.84 per cent, the CBN (17.36 per cent), Non-bank Corporates (16.94 per cent), others (0.72 per cent) and Individuals (0.63 per cent).

On Monday, Nigeria’s headline inflation rate eased to 14.45 per cent in November 2025, down from 16.05 per cent recorded in October, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), representing a decrease of 1.6 percentage points month-on-month and marks a significant moderation compared to the same period last year.

As for the cryptocurrency market, there was some recoveries after overall capitalization falling below $3 trillion for the third time in a month. Large-cap assets, particularly those with Exchange Traded Fund (ETF) exposure, are experiencing selling pressure as institutional investors reassess risk.

Ripple (XRP) appreciated by 1.5 per cent to $1.92, Litecoin (LTC) expanded by 1.5 per cent to $78.91, Dogecoin (DOGE) rose by 0.8 per cent to $0.1308, Solana (SOL) went up by 0.4 per cent to $127.60, Binance Coin (BNB) grew by 0.3 per cent to $865.40, and Bitcoin (BTC) gained 0.2 per cent to sell at $86,735.17.

On the flip side, Cardano (ADA) depreciated by 1.0 per cent to $0.3802 and Ethereum (ETH) slumped by 0.4 per cent to $2,935.85, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.

Economy

Stock Investors’ Portfolios Swell N14bn as Index Rises 0.01%

Published

3 hours ago

17/12/2025

Dipo Olowookere

By Dipo Olowookere

A marginal 0.01 per cent rise was recorded by the Nigerian Exchange (NGX) Limited on Tuesday. This was different from the flattish mode of the market the previous day.

Investor sentiment remained bullish as Customs Street finished with 31 price gainers and 26 price losers, implying a positive market breadth index.

Aluminium Extrusion topped the gainers’ log after it improved its price by 10.00 per cent to N9.35, Guinness Nigeria appreciated by 9.98 per cent to N263.40, Multiverse expanded by 9.95 per cent to N12.15, MeCure Industries also soared by 9.95 per cent to N45.85, and Sovereign Trust Insurance advanced by 9.89 per cent to N4.11.

Conversely, Haldane McCall led the losers’ chart after it shed 9.93 per cent to settle at N3.72, Veritas Kapital lost 9.09 per cent to close at N1.60, LivingTrust Mortgage Bank also declined by 9.09 per cent to N3.50, and Linkage Assurance depreciated by 5.71 per cent to N1.65.

During the trading day, the All-Share Index (ASI) went up by 21.23 points to 149,459.11 points from the previous day’s 149,437.88 points and the market capitalisation increased by N14 billion to N95.281 trillion from N95.267 trillion.

Yesterday, traders transacted 1.0 billion equities for N21.8 billion in 23,701 deals compared with the 553.1 million equities valued at N13.3 billion traded in 28,907 deals on Monday, representing a decline in the number of deals by 18.01 per cent, and a surge in the trading volume and value by 80.80 per cent and 63.91 per cent apiece.

Access Holdings traded 385.8 million stocks worth N7.7 billion, Champion Breweries transacted 111.8 million shares valued at N817.8 million, Sterling Holdings exchanged 85.5 million equities for N589.9 million, FCMB sold 74.7 million shares valued at N791.5 million, and First Holdco transacted 51.9 million equities worth N1.8 billion.