Opaindex
Commodities · 1 min read
Nigeria weekly market wrap (13 July 2026): Cement leads price gains
Across 7 daily-tracked Nigerian prices, 4 rose and 3 eased in the week to 13 July 2026 — Cement led gains (+3.2%) while Rice (local) eased (-2.3%).
News
Opaindex publishes 22 sourced, dated stories on African — chiefly Nigerian — commodity prices, energy, FX, stocks and companies, each cross-linked to live market data. The latest: "Nigeria's inflation eases to 15.91% in June 2026 — but food prices accelerated".
News and analysis on African commodity prices, building materials, energy, FX, stocks and companies — sourced, dated, and linked to live market data.
Nigeria's inflation eases to 15.91% in June 2026 — but food prices accelerated
NBS data shows headline inflation slipped to 15.91% year-on-year in June 2026, the first decline after three straight monthly increases. The composition is less comforting: food inflation ran at 17.52% and its month-on-month pace jumped to 3.75%, from 2.98% in May.
Energy · 4 min read
Dangote cuts petrol to ₦1,075 a litre and opens sales to all marketers
Dangote Refinery lowered its ex-depot petrol price by ₦50 to ₦1,075 per litre from early July 2026 — its second cut in a week and a cumulative ₦200 reduction since late May — and scrapped its 20-marketer loading consortium so any qualified marketer can now buy directly from the gantry and coastal terminals.
Energy · 4 min read
Nigeria's oil output tops its OPEC quota for the first time in 2026 — but stays below the budget target
Crude production averaged about 1.53 million barrels a day in May 2026 — 102% of Nigeria's 1.5m bpd OPEC quota and a 15-month high — as Trans Niger Pipeline security held. With condensate, combined output reached roughly 1.70m bpd, underpinning the naira and a 17-year reserves high. It still trails the 2.06m bpd the 2026 budget assumes.
FX & Currency · 4 min read
Nigeria pulls in $10.37bn of foreign capital in Q1 2026 — but 95% is portfolio 'hot money', not FDI
Capital importation jumped 83.8% year-on-year to a multi-year-high $10.37bn in the first quarter of 2026, NBS data shows. The inflows are helping rebuild reserves and steady the naira — but portfolio funds made up 95% of the total while foreign direct investment was just $135m.
Stocks · 5 min read
NGX suffers its biggest single-day fall of 2026 as profit-taking wipes ₦3.64 trillion
The Nigerian Exchange All-Share Index dropped 2.35% on 24 June 2026 — its steepest one-day loss of the year — erasing ₦3.64 trillion in value as investors cashed out of heavyweight industrial and power stocks. The slide extended into 25 June, but the market is still up about 50% for 2026.
Agriculture · 4 min read
Tomato jumps 32% in May as NBS food watch shows staples rising month-on-month
NBS May 2026 Food Price Watch shows tomatoes averaged ₦1,560.56/kg, up 32.48% in one month; beans, garri, onions, rice and yam also rose month-on-month, even though many staples remain below May 2025 levels.
FX & Currency · 4 min read
Nigeria's foreign reserves hit a 17-year high of $51.04bn — but the naira still slipped
Gross external reserves reached $51.04bn on 18 June 2026, the highest since 2009 and enough to meet the CBN's full-year target six months early. Yet the naira eased toward ₦1,380/$, a paradox the IMF says points to an undervalued currency.
Stocks · 3 min read
Nigerian stocks switch to T+1 settlement as the NGX All-Share Index cools from its May record
The Nigerian Exchange moved to T+1 settlement on 1 June 2026. After peaking near 250,385 points on 31 May, the All-Share Index slipped through early June before rebounding to 240,743.19 by 23 June — still up about 55% for the year.
Policy · 3 min read
CBN holds interest rate at 26.5%, pausing its 2026 easing cycle as inflation ticks up
Nigeria's Monetary Policy Committee kept the benchmark rate (MPR) at 26.5% at its 19-20 May 2026 meeting - its first pause after February's cut - as headline inflation edged up to 15.69% in April.
Companies · 2 min read
Dangote Refinery cuts ex-depot petrol price to ₦1,175/litre as global crude eases
Dangote Petroleum Refinery lowered its ex-gantry petrol price by ₦75 to ₦1,175/litre from 16 June 2026, citing softer global crude after Middle East tensions eased — though pump-price relief depends on how quickly retailers pass it on.
Policy · 5 min read
Nigeria's money supply hit a record ₦129.21 trillion in May 2026 — but the rise came from foreign inflows, not bank lending
Broad money (M3) climbed ₦4.22 trillion to ₦129.21 trillion in May, a fresh all-time high. About 70% of that increase came from net foreign assets — oil-driven FX inflows — while domestic credit barely moved, even with the CBN holding its rate at 26.5%.
FX & Currency · 2 min read
Naira holds near ₦1,370/$ at official window as parallel-market gap widens to ~3%
The CBN official rate sat at ₦1,370.46/$ on 23 June 2026 while the street rate reached about ₦1,408, reopening a roughly 3% premium even as FX reforms steady the official market.
Energy · 2 min read
Nigeria cooking gas prices surge in 2026 as 12.5kg refill tops ₦22,000
NBS data shows a 12.5kg cooking gas refill averaged ₦22,382 in April 2026, up ~13.9% in a month — squeezing households as LPG costs keep climbing.
Commodities · 2 min read
Nigeria cement prices climb 3% in a week as diesel costs bite
A 50kg bag of cement now averages ₦9,500 nationwide, with builders pointing to higher diesel and FX pressure on inputs.
Agriculture · 2 min read
Rice prices ease in Nigeria as harvest supply improves
Local rice fell ~2.3% week-on-week to ₦82,000 per 50kg bag as new harvest volumes reach wholesale markets.
Energy · 2 min read
Diesel prices push higher in Nigeria, squeezing logistics and SMEs
AGO climbed ~2.8% week-on-week to ₦1,180 per litre, raising costs for haulage, manufacturing and off-grid power.
Energy · 4 min read
Dangote cuts petrol price to ₦1,175 a litre as crude falls after the US–Iran ceasefire
Dangote Refinery lowered its ex-depot PMS price by ₦75 to ₦1,175 per litre from 16 June 2026, citing easing Middle East tensions and falling global crude — the first major downward review in months. Within days, imported petrol's landing cost slipped below the refinery's own price.
Policy · 4 min read
Nigeria's inflation rises to 15.93% in May 2026 as food prices stay sticky
NBS data shows headline inflation ticked up to 15.93% year-on-year in May 2026 — a third straight monthly rise — even as the month-on-month pace cooled to 1.75%. Food inflation held at 16.96% and remained the single biggest driver.
Trade · 4 min read
Nigeria's trade surplus jumps 341% to ₦7.55 trillion in Q1 2026 as the import bill shrinks
NBS data shows Nigeria's merchandise trade balance swung to a ₦7.55tn surplus in the first quarter of 2026 — up 340.88% on the prior quarter — as imports fell to ₦13.62tn while exports edged up to ₦21.17tn.
Policy · 4 min read
Nigeria's CBN PMI stayed below 50 in May 2026, even as private-sector surveys showed expansion
The CBN's composite PMI rose to 49.6 in May from 49.4 in April, but remained in contraction territory for a second month. Agriculture kept expanding, services and industry stayed weak, while the Stanbic PMI pointed to a stronger private-sector rebound.
Policy · 4 min read
Nigeria's economy grew 3.89% in Q1 2026 as services and farming led — but the pace cooled from Q4
NBS data shows real GDP rose 3.89% year-on-year in the first quarter of 2026, up from 3.13% a year earlier but down from 4.07% in Q4 2025. The non-oil economy did almost all the work, while crude output kept slipping.