Business
Inflation hits record high of 29.90% on naira weakness
Nigeria’s annual inflation rate reached 29.90 percent in January, the country’s statistics agency reported today as the naira continues to weaken.
The Consumer Price Index report released by the NBS showed that prices rose by 0.98 percent to 29.90percent in January 2024, compared with 28.92 percent in December.
“On a year-on-year basis, the headline inflation rate was 8.08 percent higher compared to the rate recorded in January 2023, which was 21.82 percent,” the report said.
This exceeds the Financial Derivatives Company projections that the headline inflation is likely to spike further to 29.73 percent.
it will be the thirteenth consecutive monthly increase and a record high
“The foremost inflation culprit in Nigeria today is the weakened currency. In January alone, the naira lost 21 percent, touching a record low of N1,530/$. This is largely because of the lingering disequilibrium in the forex market as dollar demand continues to outpace supply.,” the report said.
The FDC report mentioned that the persistent currency depreciation has led to increased costs of imported goods such as wheat, subsequently pushing up the prices of wheat-related products like noodles, semovita, and bread by 20.4 percent, 35.8 percent and 14.3 percent
, respectively.
They also revealed that food inflation, which constitutes 50 percent of the inflation rate, rose to 35.41 percent in January from 33.93 percent in December.
The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Potatoes, Yam & Other Tubers, Bread and Cereals, Fish, Meat, To- bacco, and Vegetable.
A breakdown of the NBS’ latest consumer price index report shows that food and non-alcoholic beverages contributed the most (15.49 percent) to the increase in the headline index, followed by housing water, electricity, gas, and other fuel (5.00 percent), clothing and footwear (2.29 percent), transport (1.95 percent), furnishings and household equipment and maintenance (1.50 percent) and education (1.18 percent).
Others are health (0.90 percent), miscellaneous goods and services (0.50 percent), restaurants and hotels (0.36 percent), alcoholic beverages, tobacco and kola (0.33 percent), recreation and culture (0.21), and communication (0.20 percent).
Furthermore, On a year-on-year basis, in January 2024, the Urban inflation rate was 31.95 percent, this was 9.40 percent points higher compared to the 22.55 percent recorded in January 2023.
While the Rural inflation rate in January 2024 was 28.10 percent on a year-on-year basis; this was 6.97 percent higher compared to the 21.13 percent recorded in January 2023. On a month-on-month basis, the Rural inflation rate in January 2024 was 2.57 percent , up by 0.40 percent compared to December 2023.
Core inflation, which excludes the prices of volatile agricultural produces and energy stood Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 23.59 percent in January 2024 on a year-on- year, up by 4.71 percent from 18.88 percent recorded in January 2023.
The highest increases were recorded in prices of Passenger Transport by Road, Medical Services, Passenger Transport by Air, Actual and Imputed Rentals for Housing, Pharmaceutical products, Accommodation services, etc.
Except for a brief pause in Dec 2022, Nigeria’s inflation reading has steadily increased since January 2023, a twelve -month consecutive high.
The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.
According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.
The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.
“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.
The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.
The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.
“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.
The apex bank stated that access to BVN databases will remain tightly controlled.
“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.
“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.
Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.
The new policy, as stated by the CBN, takes effect from May 1, 2026.
NNPC Reduces Fuel Price
The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.
The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.
In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.
Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.
The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.
The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.
Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.
The change followed a fall in international crude oil prices.
Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.
The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.
Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.
Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.
Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.
Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.
Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.
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