BUSINESS
Nigeria’s Inflation Hits 28.20 Percent in November
By Tony Obiechina Abuja
Nigeria’s inflationary trend has maintained a steady rise, hitting 28.20 percent in the month of November, 2023.
This is against 27.33 percent recorded in the previous month of October, of the same year, according to a report released by the National Bureau of Statistics (NBS) on Friday.
The report said: “Looking at the movement, the November 2023 headline inflation rate showed an increase of 0.
87% points when compared to October 2023 headline inflation rate.“On a year-on-year basis, the headline inflation rate was 6.73% points higher compared to the rate recorded in November 2022, which was 21.47%.
This shows that the headline inflation rate (year-on-year basis) increased in November 2023 when compared to the same month in the preceding year (i.e., November 2022).“Furthermore, on a month-on-month basis, the headline inflation rate in November 2023 was2.09%, which was 0.35% higher than the rate recorded in October 2023 (1.73%).
This means that in November 2023, the rate of increase in the average price level is more than the rate of increase in average price level in October 2023.
The price of items which contributed immensely to the increase mostly include Food & Non-Alcoholic Beverages which accounted for 1.08 percent on a month-to-month basis.
The percentage change in the average CPI for the twelve-months period ending November 2023 over the average of the CPI for the previous twelve-months period was 24.01%, showing 5.64% increase compared to 18.37% recorded in November 2022.
Also, in urban inflation, on a year-on-year basis, in November 2023, the Urban inflation rate was 30.21%, this was8.13% points higher compared to the 22.09% recorded in November 2022. On a month-on month basis, the Urban inflation rate was 2.23% in November 2023, this was 0.41% points higher compared to October 2023 (1.81%). The corresponding twelve-month average for the Urban inflation rate was 25.45% in November 2023. This was 6.56% points higher compared to the 18.90% reported in November 2022.
Further, the Rural inflation rate in November 2023 was 26.43% on a year-on-year basis; this was 5.55% points higher compared to the 20.88% recorded in November 2022. On a month-on-month basis, the Rural inflation rate in November 2023 was 1.99%, up by 0.31% points compared to October 2023 (1.67%).
The corresponding twelve-month average for the Rural inflation rate in November 2023 was22.71%. This was 4.83% points higher compared to the17.88% recorded in November 2022.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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