Nigeria’s headline inflation rose to 34.60% in November 2024 reflecting a further surge in the costs of goods and services across the country.

This is according to the latest Consumer Price Index (CPI) data released by the Nigeria Bureau of Statistics (NBS).

This shows that the headline inflation rose by 0.72% from 33.88% in October.

The Nigerian Maritime Administration and Safety Agency (NIMASA) says an oil spill incident occurred at the Shell Petroleum Development Company (SPDC) loading terminal, SMI, in Bonny, Rivers.

In a statement on Sunday, Osagie Edward, NIMASA’s head of public relations, said the spill, which happened on December 14, resulted from a ruptured pipeline at the terminal.

Edward disclosed that the SPDC responded promptly by shutting down the affected pipeline and deploying “containment booms” to protect the neighbouring communities.

“Although the spill has reached the shoreline, the Nigerian Maritime Administration and Safety Agency (NIMASA) is actively monitoring the situation from an emergency operations centre,” he added.

“The agency is collaborating with SPDC and other relevant stakeholders to assess the extent of the spill and determine necessary follow-up actions.”

Edward urged the public to remain calm, assuring that the agency is committed to mitigating the spill’s impact and restoring affected areas.

The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.

The circular revealed that the CBN is concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the apex bank’s determination to address the commodification of the naira.

Under the directive, any branch of a financial institution found culpable will face a penalty of N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.

“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.”

The CBN further urged DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.