External broker reports(aggregated public sources), CardinalStone

CardinalStone

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing.

Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

Macroeconomics

<ul><li>Nigeria's headline inflation continued its descent in August 2025, with the reading printing at 20.1% (vs 21.9% in the prior month.</li><li>We interpret the sustained deceleration as a continued gain from strengthening currency (YtD: +2.80%; Aug'25: +0.20%), relatively stable energy prices and reduced shocks to food output.</li><li>As such, both core and food inflation indices moderated by 1.0ppt and 0.87ppt, respectively, to 20.3% YoY and 21.9% YoY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nigeria's headline inflation continued its descent in August 2025, with the reading printing at 20.1% (vs 21.9% in the prior month.We interpret the sustained deceleration as a continued gain from strengthening currency (YtD: +2.80%; Aug'25: +0.20%), relatively stable energy prices and reduced shocks to food output.As such, both core and food inflation indices moderated by 1.0ppt and 0.87ppt, respectively, to 20.3% YoY and 21.9% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CardinalStone Research - Inflation August 2025