Business
Prices Of Vegetables Soar In Enugu
Prices of fresh pepper and
other vegetables have soared in markets in Enugu State by more than 100 per cent as the consumers complain of poor cash flow.
Some of the dealers who spoke with journalists in Enugu last Thursday attributed the increase to the poor rainfall and the ongoing Ramadan fast by Muslims.
At Akwata Market, Mrs Felicia Olisa, a pepper seller, said she could only buy in buckets and sell to her customers rather than in baskets due to the high cost.
“For the past one week, I have been buying the pepper I sell to my customers in buckets because the price of a basket of it is outrageous.
“A basket now sells for N14,000 now as against N8,500 before the Ramadan,” she said.
An okro seller at Ogbete Main Market, Miss Ngozi Izuakor, told newsmen that the product had been scarce, making it difficult for the sellers to purchase large quantities.
“I could not buy and sell Okro on Tuesday due its scarcity and increase in price,” Izuakor said.
She said that a basket of okro now sold at N6,000 as against N2,500 before the Ramadan fast.
Izuakor said that the fasting affected the prices of many foodstuffs, especially those produced in the northern parts of the country.
A tomato dealer, Sani Alhassan, said a basket of tomato had increased to N26, 000 as against between N18,000 and N20,000 sold two weeks ago.
Some consumers told journalists that it was difficult to buy a small quantity of foodstuff like fresh pepper, tomatoes or okro at such a high price.
A house wife, Mrs Udoka Nwachukwu, complained of lack of money to buy foodstuffs due to the economic situation in the country.
Nwachukwu noted that the prices of both goods and services had increased and people were finding it difficult to survive.
“We cannot buy foodstuffs in retail due to its high price. The worst hit are the ingredients for soup and stew. People are resorting to alternatives to meet up,” she said.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
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