Business
UPDATED: Inflation rises to 17.33%, highest in four years
Inflation rate in Nigeria has risen to 17.33 per cent, the highest in four years, according to the latest statistics on the issue from the National Bureau of Statistics.
It stated that the consumer price index, measuring the rate of increase in the price of goods and services, increased to 17.33 percent in February.
This is the highest point since April 2017.
According to the CPI/Inflation report released by the NBS on Tuesday, the food inflation stood at 21.79 per cent, the highest point since the 2009 data series began.
On a month-on-month basis, the headline index increased by 1.54 per cent in February 2021. This is 0.05 per cent rate higher than the rate recorded in January 2021 (1.49 per cent.
The percentage change in the average composite CPI for the 12-month period ending February 2021 over the average of the CPI for the previous period was 14.05 per cent, showing 0.43 per cent point from 13.62 per cent recorded in January 2021.
The urban inflation rate increased by 17.92 per cent (year-on-year) in February 2021 from 17.03 per cent recorded in January 2021, while the rural inflation rate increased by 16.77 per cent in February 2021 from 15.92 per cent in January 2021.
On a month-on-month basis, the urban index rose by 1.58 per cent, up by 0.06 the rate recorded in January 2021, while the rural index rose by 1.50 per cent, up by 0.04 the rate that was recorded in January 2021 (1.46) per cent.
The corresponding 12-month year-on-year average percentage change for the urban index is 14.66 percent in February 2021.
This is higher than 14.23 per cent reported in January 2021, while the corresponding rural inflation rate is 13.48 per cent compared to 13.04 per cent recorded in January 2021.
Food
The composite food index rose by 21.79 per cent in February 2021 compared to 20.57 per cent in January 2021.
This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, food products such as fruits, vegetable, fish and oils and fats.
On a month-on-month basis, the food sub-index increased by 1.89 per cent, up by 0.06 per cent from 1.83 per cent recorded in January 2021.
The average annual rate of change of the Food sub-index for the 12-month period ending February 2021 over the previous 12-month average was 17.25 per cent, 0.59 per cent from the average annual rate of change recorded in January 2021 (16.66) percent.
The “All items less farm produce” or core inflation, which excludes the prices of volatile agricultural produce stood at 12.38 per cent in February 2021, up by 0.53 per cent when compared with 11.85 per cent in the previous month.
On a month-on-month basis, the core sub-index increased by 1.21 per cent in February 2021. This was down by 0.05 per cent when compared with 1.26 per cent recorded in January 2021.
The highest increases were recorded in the cost of passenger transport by air, medical services, miscellaneous services relating to the dwelling, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, maintenance and repair of personal transport equipment, motor cars, dental services and hairdressing salons and personal grooming establishment,
The average 12-month annual rate of change of the index was 10.77 per cent for the 12-month period ending February 2021. This is 0.25 per cent higher than 10.52 per cent recorded in January 2021.
States
The CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.
All items inflation
In February 2021, all items inflation on a year-on-year basis were highest in Kogi (24.73 per cent), Bauchi (22.92 per cent) and Ebonyi (20.45 per cent), while Enugu (14.73 per cent), Kwara (14.25 per cent) and Cross River (12.97 per cent) recorded the slowest rise in headline year-on-year inflation.
On a month-on-month basis, however, in February 2021 all items inflation was highest in Kogi (3.25 per cent), Ondo (2.46 per cent) and Kebbi (2.43 per cent), while Kwara (0.84 per cent), Kano (0.70 per cent) and Oyo (0.38 per cent) recorded the slowest rise in headline inflation month on month.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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