Business
Inflation Hits 18yr High at 22.4%, To Surpass 23% This Month
Published
2 years agoon
By
Editor
Investment analysts have predicted that headline inflation rate will rise above 23 percent on account of recent government policies including removal of fuel subsidy and naira depreciation in the forex market.
Meanwhile, the National Bureau of Statistics, NBS, Consumer Price Index, CPI, report for May, 2023, shows headline inflation rose year-on-year by 0.19 percentage point to 22.41 percent in May from 22.22 percent in April.
This is the highest inflation rate recorded in Nigeria since September 2005 and the third straight month of staying within the 22 percent band.
Recall that the Federal Government recently removed fuel subsidy resulting in over a hundred percent rise in the pump price per litre while the Central Bank of Nigeria, CBN, two days ago, floated the foreign exchange rate, resulting in 40% depreciation of the local currency, the Naira, to N664.04/$ in the official market.
READ ALSO: Nigeria’s Inflation Increases To 22.22 Per Cent
The NBS report stated: “In May 2023, the headline inflation rate increased to 22.41 percent relative to April 2023 headline inflation rate which was 22.22 percent.
“Looking at the movement, the May 2023 inflation rate showed an increase of 0.19 percent points when compared to April 2023 headline inflation rate.”
The Bureau also said that food inflation rose to 24.82 percent in May from 24.61 percent in April due to increases in prices of oil and fat, yam and other tubers, bread and cereals, fish, potatoes, fruits, meat, vegetable, and spirit.
Commenting on the development, Cowry Asset Management Plc, in its inflation update report for May, said: “Over time, the Nigerian government, through the monetary authority, has taken several measures to tame inflation, including raising interest rates, devaluing the naira, and subsidising the prices of some essential goods.
READ ALSO: African Immigrants Struggle To Pay Bills In UK As inflation Soars – Report
“However, these measures have proved abortive and unsuccessful in bringing inflation under control.
“Notwithstanding these efforts, the new administration has hinted at the need for interest rate moderation in a bid to increase investment and consumer purchasing power.
“We note that this move will bring about a further spike in the rate of inflation.
“Also, CBN’srecentdecisionto float the naira will bring about further depreciation of the naira, while we expect to see the effect of the current subsidy removal by the new administration on price pressure and economic activities.
“The resultant effect of this decision will be more expensive imports and upward inflation pressure.
“Meanwhile, we expect a further surge in the headline inflation index to 23.6 percent in June.”
READ ALSO: IMF Warns Global Inflation Could Stay High Until 2025
In their Economic Bulletin for June, analysts at Financial Derivative Company, FDC, said:
“The full impact of the petrol price adjustment will be felt in the inflation numbers for June, which initial estimate is put at 25.2 percent.
“However, the price of diesel, which is the major fuel used by trucks for logistics, declined by 12.70 percent to N660/ltr in June from its peak of N756/ltr in May. This is expected to mildly ease inflation pressures. Another interest rate hike may be imminent.”
VANGUARD
You may like
JUST IN: Nigeria’s Inflation Rises To 34.60% — NBS
BREAKING: Inflation Drops To 32.15%
Rising Cost Of Tomato: Households Adopt Weird Alternatives To Make Stew
JUST IN: Nigeria’s Inflation Hits 33.69%
JUST IN: Nigeria’s Inflation Hit 31.70% In February – NBS
JUST IN: Nigeria Inflation Climbs To 26.72%
Business
Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop
Published
2 days agoon
July 24, 2025By
Editor
Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.
The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.
This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.
From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.
This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.
However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.
Business
French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Published
3 days agoon
July 23, 2025By
Editor
French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.
The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.
For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.
MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.
Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.
In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.
It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.
This represents an N5 per litre downward price review when compared to its earlier N895 pump price.
NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.
READ ALSO: First Bank: Controversy Trails Multi-billion Naira Shares Deal
The latest adjustment comes barely a week after the company implemented a retail price slash.
While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.
The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.
- WWE: Real Cause Of Legendary Wrestler, Hulk Hogan’s Death Revealed
- WAFCON Final: ‘We Play At Home’ – Morocco Coach, Vilda Warns Nigeria
- WAFCON Final: Super Falcons Coach, Madugu Gives Reason For Dropping Ex-Liverpool Forward Babajide
- WAFCON: Why I Chose Nigeria Over Malawi – Super Falcons Star, Okafor
- Transfer: Isak Offered £600,000-a-week To Leave Newcastle
- Omawumi Reacts To Timaya’s Claim Of Burna Boy Ordering Her, Waje Out Of Studio
- WAFCON Final: Ghana Coach Björkegren’ Tips Super Falcons To Beat Morocco
- Charlyboy Reacts As Lagos Govt Renames Bus Stop After Olamide Baddo
- Bariga LCDA Renames Charly Boy Bus Stop After Olamide
- Food Is Scam, Human Body Designed To Eat Just Once Daily – Jim Iyke Claims
About Us
Trending
- Metro4 days ago
Court Convicts DHL Franchise Owner In Benin For Conversion Of Customers’ Parcels
- News5 days ago
PSC Promotes 12 AIGs, 226 Other Senior Police Officers
- News4 days ago
OPINION: Toru-Ibe State, Aiyedatiwa’s “No Land Ceding” Remark, And The Ondo Ijaw
- Politics5 days ago
PDP Unveils Candidates For Edo N’Assembly Bye-elections
- News5 days ago
US Embassy Warns Americans In Nigeria Of Looming Visa Overstay Penalties
- Business3 days ago
JUST IN: Again, NNPCL Reduces Fuel Price
- News5 days ago
Ex-Lagos Governor Fashola Gets International Appointment
- Politics3 days ago
BREAKING: PDP National Caucus Holds Late-night Meeting In Abuja
- Metro1 day ago
JUST IN: Pandemonium At Benin Abattoir As Gunmen Attempt To Arrest Butchers Union President
- News2 days ago
Delta Scholarship Board Boss, Agediga, Set To Bury 104-year-old Mother