RFA Breakfast Paper - August 17, 2026

Nigeria Inflation Eases to 15.43% in July

Nigeria's headline inflation slowed to 15.43% year-on-year in July from 15.91% in June, the National Bureau of Statistics reported on Monday, a fourth consecutive moderation and the softest print in four months. The outcome undershot the 15.7% consensus. The deceleration was broad: core inflation eased to 14.97% from 15.92%, its lowest since May 2022, while month-on-month prices rose 1.57% against 1.66% previously. Food inflation was the outlier, quickening to 20.31% from 17.52%, underscoring that harvest-cycle and logistics pressures remain unresolved. A firmer naira, which closed at ₦1,358.33 to the dollar and has appreciated 11.52% over twelve months, has helped contain imported cost pressures. For investors, the softer core reading strengthens the case for the Monetary Policy Committee to hold rates steady into the fourth quarter.

U.S. Stocks Slip as Yields Near Highs

U.S. equities closed lower on Monday as the 10-year Treasury yield climbed 2.6 basis points to 4.722%, within reach of the 19-month high set last week. The S&P 500 fell 0.52% to 7,745.06 and the NASDAQ Composite lost 0.32% to 26,644.91, with megacap names leading the retreat — Meta declined 3.54%, Microsoft 3.04% and Netflix 2.74%. Semiconductors bucked the trend, SanDisk gaining 8.88% and Micron 4.13%. The VIX rose 6.60% to 15.19, with futures pricing roughly a two-in-three chance the Fed holds in September.

NGX Edges Lower on Broad-Based Selling

The Nigerian Exchange extended its decline on Monday, the All-Share Index easing 0.07% to 242,454.65 and market capitalisation slipping ₦106bn to ₦156.52trn. Breadth was decisively negative, with 36 decliners against 18 advancers, indicating the modest headline loss masked wider weakness. Banking counters led the retreat as the NGX Banking Index shed 0.46%, with insurance falling a comparable margin; consumer goods provided the only meaningful support, adding 0.43%. Activity stayed healthy at 1.33 billion shares worth ₦22.93bn across 45,494 deals. The index remains up 55.81% year-to-date, leaving valuations exposed to further profit-taking.