Dear Subscriber,

Naira strengthened to N1,664/$ at the parallel market

On December 4, the naira appreciated by 3.73% to ₦1,664/$ from ₦1,710/$, driven by increased remittances ahead of the festive season and the return of visiting friends and family. This was further supported by higher export revenues from rising cocoa prices, limited naira liquidity – which reduced dollar demand, and the ongoing Eurobond issuance process. These factors boosted forex supply, easing pressure on the exchange rate and strengthening the naira.

Brent rose to $72.42pb as OPEC+ delays oil production hike

Brent futures increased by 0.15% to $72.42 per barrel, following OPEC+’s decision to delay its planned oil output increase until April 2025. The organization also extended production cuts through 2026 in response to weakening demand, which allows more time for the market to adjust and stabilize.

Price of refilling a 12.5kg gas cylinder spikes to ₦17,000

The price of refilling a 12.5kg gas cylinder jumped by 41% to ₦17,000 in December from ₦12,000 in July, despite a ban on gas exports. The hike is driven by exchange rate fluctuations, as a significant portion of gas is imported to meet rising demand. Consumers’ preference for clean cooking gas remains unchanged, further exacerbating the cost of living.

FDC’s senior associate, Dumebi Oluwole, and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!

Dear Subscriber,

Naira strengthened to N1,664/$ at the parallel market

On December 4, the naira appreciated by 3.73% to ₦1,664/$ from ₦1,710/$, driven by increased remittances ahead of the festive season and the return of visiting friends and family. This was further supported by higher export revenues from rising cocoa prices, limited naira liquidity – which reduced dollar demand, and the ongoing Eurobond issuance process. These factors boosted forex supply, easing pressure on the exchange rate and strengthening the naira.

Brent rose to $72.42pb as OPEC+ delays oil production hike

Brent futures increased by 0.15% to $72.42 per barrel, following OPEC+’s decision to delay its planned oil output increase until April 2025. The organization also extended production cuts through 2026 in response to weakening demand, which allows more time for the market to adjust and stabilize.

Price of refilling a 12.5kg gas cylinder spikes to ₦17,000

The price of refilling a 12.5kg gas cylinder jumped by 41% to ₦17,000 in December from ₦12,000 in July, despite a ban on gas exports. The hike is driven by exchange rate fluctuations, as a significant portion of gas is imported to meet rising demand. Consumers’ preference for clean cooking gas remains unchanged, further exacerbating the cost of living.

FDC’s senior associate, Dumebi Oluwole, and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!