July 10: OPEC Report and Nigerian Oil Output Decline
The Organisation of the Petroleum Exporting Countries (OPEC) will release its June oil market report. Nigeria’s oil output fell to 1.25 million barrels per day in May, down from 1.28 million barrels in April, due to crude oil theft, ageing oil fields, and poor terminal maintenance, causing significant revenue losses.
July 11: US Inflation Report and BusinessDay CEO Forum
The US Bureau of Labour Statistics will release the consumer price index (CPI) report. In May, US consumer prices were unchanged, with inflation at 3.3%, above the Fed’s 2% target. BusinessDay’s annual CEO forum will also be held in Lagos, featuring leaders like CBN Governor Olayemi Cardoso and Senate Leader Michael Opeyemi Bamidele, focusing on “Leadership in Tough Economic Times.”
July 12: India Inflation Report and CBN Treasury Bill Auction
India will release its annual retail inflation report, with expectations of a slight moderation. In May, retail inflation was 4.75%, with food inflation at 8.69%. The Central Bank of Nigeria (CBN) will auction N166.1 billion in Treasury bills, with tenors of 91, 182, and 364 days. The CBN plans to issue N1.56 trillion in T-bills in Q3 2024, aiming to stabilize the naira, which recently reached a convergence of N1,520 to the US dollar in both official and parallel markets.
Source: Business Day