Global Market News

Asia shares rally on Fed cut bets; yen pares gains"” Reuters

Asian stocks rose on Monday on renewed bets that the Federal Reserve would likely ease rates this year, while the yen weakened after a strong surge last week from Tokyo's suspected currency intervention. Click here for more.

Oil nudges higher after Saudi Arabia hikes prices"” Reuters

Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region. Click here for more.

Macroeconomic News

Local firms, IOCs to bid for 12 onshore, 7 deep offshore oil blocks"” Vanguard

Many indigenous companies and International Oil Companies, IOCs, have indicated interest in bidding for the 12 onshore and seven deep offshore blocks put forward for sale by the Federal Government. Click here for more.

Nigerians groan as commodities, services, and other price increases hit decade-high"”This Day

The cost of living crisis in Nigeria has reached an alarming level as prices of goods and services continue to rise, making it impossible for ordinary Nigerians to feed. Click here for more.

Premium electricity consumers lament high tariff as outage persists"” Punch

Since April 3, when the Nigerian Electricity Regulatory Commission announced the removal of the subsidy on the electricity consumed by Band A customers, Nigerians have continued to raise their voices against the policy as power outages persist in the country. Click here for more.

Currency in circulation hits N11trn -CBN"” The Sun

Efforts by the Central Bank of Nigeria (CBN) to address scarcity of cash in circulation in the country yielded fruits as currency in circulation (CIC) stood at N11.21 trillion at the end of the first quarter (Q1) of 2024. Click here for more.

FMCG enters 2024 with FX crisis as four firms lose N300 billion in Q1"” Guardian

Manufacturing companies, especially those under the Fast-Moving Consumer Goods (FMCG) sector, have extended last year's losses into the first quarter (Q1) with financial reports of four firms in the sector reporting combined foreign exchange (FX) losses of about N300 billion. Click here for more.

Major marketers demand more fuel as depots' stock drops"” Punch

In an attempt to put an end to the fuel scarcity that has lingered for about two weeks across the country, petroleum marketers on Sunday advised the Nigerian National Petroleum Company Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to continue its emergency fuel supply for another two weeks. Click here for more.

Abuja:

4 Misratah Street,

Wuse II

Abuja, Nigeria