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.
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
Railway
Lagos Govt to redesign Oshodi motor park for rail integration
Lagos Govt to redesign Oshodi motor park for rail integration
The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.
This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.
The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.
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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.
“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.
“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.
Lagos Govt to redesign Oshodi motor park for rail integration
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