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Food Prices Rose in September – NBS

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The National Bureau of Statistics (NBS), says prices of beef, rice, beans, onion, yam and other food items increased in September.

It said this in its Selected Food Prices Watch report for September 2023 release in Abuja on Monday.

The report said that the average price of 1kg of boneless beef increased by 28.

08 per cent from N2,199.
37 recorded in September 2022 to N2,816.
91 in September 2023.

“On a month-on-month basis, 1kg of boneless beef increased by 0.62 per cent in September from the N2,799.51 recorded in August 2023,’’ the report said.

It said that the average price of 1kg of local rice increased by 60.59 per cent on a year-on-year basis, from N471.

42 in September 2022 to N757.06 in September 2023.

“On a month-on-month basis, 1kg of local rice increased by 2.48 per cent from the N738.74 recorded in August 2023.’’

It said that the average price of 1kg of brown beans increased by 28.76 per cent on a year-on-year basis from N556.81 in September 2022 to N716.97 in September 2023.

“On a month-on-month basis, the price increased by 3.47 per cent from the N692.95 recorded in August 2023 to N716.97 in September 2023.’’

The NBS said the average price of 1kg of Onion bulb rose by 29.81 per cent on a year-on-year basis from N397.18 in September 2022 to N515.59 in September 2023.

“On a month-on-month basis, the price increased by 0.45per cent from N513.29 recorded in August 2023.’’

The report said that the average price of 1kg of Yam tuber increased by 45.11 per cent on a year-on-year basis from N409.23 in September 2022 to N593.83 in September 2023.

“On a month-on-month basis, 1kg of yam tuber increased by 3.03 per cent from the recorded N576.39 in August 2023.’’

On state profile analysis, the report showed that the highest average price of 1kg of boneless beef was recorded in Anambra at N3,800.42, while the lowest price was recorded in Kogi at N1,845.29.

It said that Rivers recorded the highest average price of 1kg of local rice at N931.82, while the lowest was recorded in Benue at N539.35.

The NBS said that the highest average price of 1kg of brown beans was recorded in Imo at N1,090.23 while the lowest price was recorded in Kogi at N485.64.

It said the highest average price of 1kg of onion bulb was recorded in Abia at N862.35, while the lowest was recorded in Nasarawa at N295.73.

According to the repor, Akwa Ibom recorded the highest average price of 1kg of yam tuber at N1,088.57, while Plateau recorded the lowest price at N320.34

Analysis by zone showed that the average price of 1kg of boneless beef was highest in the South-East at N3,550.75, followed by the South-West at N2, 875.47.

“The lowest price was recorded in the North-Central at N2.461.20.”

The South-East and South-South recorded the highest average price of 1kg of local rice at N901.26 and N824.55, respectively, while the lowest price was in the North-Central at N621.93.

The report said that the South-East recorded the highest average price of 1kg of brown beans at N995.76, followed by the South-West at N771.37, while the North-Central recorded the lowest price at N587.99.

It said that the South-East and South-South recorded the highest average price of 1kg of onion bulb at N723.63 and N697.34 respectively, while the lowest was recorded in the North-Central at N340.75.

The NBS said also that the South-West recorded the highest average price of 1kg of yam tuber at N791.69, followed by the South-South at N748.56.

“The North-East recorded the lowest price of 1kg of yam at N366.79,’’ the NBS said . (NAN)

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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