November inflation report, FX rate… business stories to track this week

Here are the seven top business stories you need to track this week — December 9 to December 13.

INFLATION REPORT

The National Bureau of Statistics (NBS) is expected to release the country’s November consumer price index (CPI) and inflation report on December 15.

The inflation rate rose to 33.8 percent in October – higher than the 32.7 percent recorded in September 2024.

NAIRA APPRECIATES TO N1,600/$ AT PARALLEL MARKET 

The naira appreciated to N1,600 to the dollar at the parallel section of the foreign exchange (FX) market on Friday.

The currency appreciated by a 6.7 percent gain from N1,715/$ recorded on December 5.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the dollar at N1,570 and the selling price at N1,600 — leaving a profit margin of N30.

The latest dollar rate represents the lowest price the greenback has been sold for since August 13 when the naira traded at N1,595/$.

FCCPC VS AIR PEACE SAGA

The Federal Competition and Consumer Protection Commission (FCCPC) says no amount of blackmail would stop its ongoing investigation into the operations of Air Peace.

In a statement on Sunday, Ondaje Ijagwu, FCCPC’s director of corporate affairs, said the commission would take appropriate action in line with its governing Act.

Air Peace had described the allegations of exploitative fares as damaging and unfair during a press conference on Friday.

But the FCCPC said the airline made several outlandish claims while denying the commission’s allegations.

Commenting on the matter, Festus Keyamo, minister of aviation and aerospace development, criticised a recent statement by the FCCPC on Air Peace’s airfares, describing it as “very careless”.

‘REHABILITATION OF AJAOKUTA STEEL PLANT TO COMMENCE IN Q1 2025’

Natasha Akpoti-Uduaghan, chairman of the senate committee on local content, says plans are underway to kick-start the revitalisation of the Ajaokuta Steel Company plants in the first quarter (Q1) of 2025.

Speaking on Tuesday at the ongoing Practical Nigerian Content Forum organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Bayelsa state, Akpoti-Uduaghan said the federal government has located the main constructors of the steel to revamp and keep it running.

She assured that work would commence on the steel company next year.

CBN RELEASES TELEPHONE NUMBERS FOR REPORTING CASH SCARCITY AT ATMs

The Central Bank of Nigeria (CBN) has provided designated phone numbers for bank customers to report difficulties experienced with withdrawing cash over the counter or at automated teller machines (ATMs).

The CBN, in a circular on December 5, provided designated phone lines to help address customers’ challenges.

Prior to the directive, the financial regulator had asked banks to prioritise cash disbursement through ATMs or face penalties.

OPEC EXTENDS NIGERIA’S 1.5M BPD OIL PRODUCTION QUOTA to 2026

The Organisation of Petroleum Exporting Countries (OPEC) has extended Nigeria’s oil production quota of 1.5 million barrels of crude per day (bpd) to 2026.

Speaking in a statement, the intergovernmental organisation said the decision to extend Nigeria’s quote was made at its 38th OPEC and non-OPEC ministerial meeting, held on Thursday.

On June 2, OPEC extended Nigeria’s production quota of 1.5 million bpd to 2025.

PH REFINERY REDUCES OPERATIONS TO FACILITATE UPGRADE

The Port Harcourt Refining Company (PHRC) says the refinery reduced operations to accommodate facility improvements.

Reports had suggested that the refinery stopped loading petroleum products at its gantry.

Speaking to journalists on December 1 during a tour of the refinery, Moyi Maidunama, executive director of operations at the Nigerian Pipeline and Storage Company Limited (NPSC), said the refinery had not halted operations.