Business
JUST IN: Nigeria’s Inflation Hit 31.70% In February – NBS
Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent recorded in January 2024.
This figure indicates an increase of 1.80 per cent, the National Bureau of Statistics said in its latest CPI and inflation report released on Friday.
This indicates that in February 2024, the rate of increase in the average price level was more than the rate of increase in the average price level in January 2024.
The report read, “In February 2024, the headline inflation rate increased to 31.70 per cent relative to the January 2024 headline inflation rate which was 29.90 per cent.”
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Comparatively, on an annual basis, February 2024’s inflation rate was 9.79 per cent higher than the 21.91 per cent recorded in February 2023.
Also, the month-on-month headline inflation rate in February 2024 reached 3.12%, an increase of 0.48% from January 2024’s rate of 2.64%.
This indicates that the pace at which average prices rose in February 2024 exceeded the rate of price increase in January 2024.
The NBS further stated, “Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.80 percent points when compared to the January 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.79 percent points higher compared to the rate recorded in February 2023, which was 21.91 percent.
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“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12 percent, which was 0.48 percent higher than the rate recorded in January 2024 (2.64 percent).”
The latest inflationary surge is despite tightened monetary policy by the Central Bank.
At the latest Monetary Policy Meeting, the apex bank increased the benchmark interest rate by 400 basis points to a record 22.75 per cent.
Justifying reasons for the hike, the CBN Governor, Olayemi Cardoso, explained that members considered various scenarios including whether to hold or hike policy and concluded that inflation could become more persistent in the medium term and pose more regulatory issues if not well-anchored.
Thus, members voted for a significantly high policy rate hike to drive down the inflation rate substantially.
He mentioned that the meeting extensively discussed various distortions in the foreign exchange market, particularly the impact of speculators exerting upward pressure on the exchange rate, leading to a significant pass-through effect on inflation.
The consensus reached involved a substantial policy rate hike aimed at effectively reducing inflation.
Business
Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays
The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.
Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.
This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.
READ ALSO:Naira Records Depreciation Against US Dollar Across Official, Black Markets
Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.
The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.
DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.
Business
Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians
Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.
The company disclosed this in a statement on Sunday.
The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.
It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”
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Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.
DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.
However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.
Business
Naira Records Significant Appreciation Against US Dollar
The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.
The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.
This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.
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Meanwhile, at the black market, the Naira remained stable at N1500 per dollar on Monday, according to multiple Bureau De Change operators in Wuse Zone 4, Abuja.
The development comes as the country’s external reserves stood at $44.66 billion as of last week Friday.
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