Dollar to Naira News

CBN to auction N166bn T-bills as US, India await inflation data – Business Day

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The Central Bank of Nigeria (CBN) is set to auction N166.1 billion in Treasury bills, while the United States and India’s data agencies are expected to release consumer price index reports.

The Central Bank of Nigeria will be auctioning N166.1 billion in NT bills on Thursday. It will be auctioning N27.11 billion for the 91-day tenor, N1.49 billion for the 182-day tenor, and 137.50 billion for the 364-day tenor.

CBN announced its plan to issue N1.56 trillion in Treasury bills during the third quarter of 2024, matching the amount set to mature between June and August this year. The amount to be offered in Q3 is 4.87 percent lower than the N1.56 trillion issued in the second quarter of 2024.

The United States and India’s data agencies are expected to release consumer price index reports

The United States Bureau of Labour Statistics will be releasing the country’s consumer price index on Thursday.

U.S. consumer prices were unexpectedly unchanged in May as cheaper gasoline and other goods offset higher costs for rental housing, but inflation remains too high for the Federal Reserve to start cutting interest rates before September.

In the 12 months through May, inflation fell slightly to 3.3 percent after increasing 3.4 percent in April. Though the annual increase in consumer prices has slowed from a peak of 9.1 percent in June 2022, inflation continues to run above the Fed’s 2 percent target.

“Though the annual increase in consumer prices has slowed from a peak of 9.1 percent in June 2022, inflation continues to run above the Fed’s 2 percent target.”

Consumer prices have been trending lower since posting solid readings in February and March.

In May, gasoline prices dropped, food prices edged up, and grocery store prices were unchanged amid a 1.3 percent drop in milk. There were also decreases in the prices of nonalcoholic beverages. The prices of fruits and vegetables were unchanged.

But meat, fish, eggs, cereals, and bakery products cost slightly more relative to April. Rents increased 0.4 percent, matching April’s rise.

 

India’s annual retail inflation is expected to be released on Friday, with analysts expecting it to moderate.

The retail inflation rate eased slightly in May, partly helped by a fall in fuel prices, although food prices remained elevated.

Annual retail inflation in May was 4.75 percent, down from 4.83 percent in April. This figure is lower than the 4.89 percent forecast by 50 economists polled by Reuters.

Food inflation, which accounts for nearly half of the overall consumer price basket, rose 8.69 percent year-on-year in May, compared with an 8.70 percent rise in the previous month. Food prices have been accelerating at more than 8 percent year-on-year since November 2023.

Containing food prices will be one of the key focuses for Prime Minister Narendra Modi, who was recently sworn in for the third term in the world’s most populous nation.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

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