Global Market News

Japan's service activity extends gains on solid demand, PMI shows"” Reuters

Japanese service sector activity grew at the fastest pace in eight months in April thanks to solid business and consumer spending, a private survey showed on Tuesday, results that should keep the central bank on track to hike rates again this year. Click here for more.

Oil climbs after Israel strikes Gaza, truce talks continue "” Reuters

Oil prices edged higher on Tuesday after Israel struck Rafah in Gaza, while negotiations for a ceasefire with Hamas continued without resolution. Click here for more.

Macroeconomic News

CBN asks banks to charge 0.5% cybersecurity levy ""  Punch

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions. A circular from the apex bank on Monday disclosed the implementation of the level would start two weeks from today. The circular was directed at all commercial, merchant, non-interest and payment service banks, other financial institutions, mobile money operators and payment service providers. Click here for more.

Forex: Turnover in NAFEM falls 37% to N3.47bn - Vanguard

The volume of dollar traded (turnover) in the Nigerian Foreign Exchange Market, NAFEM, declined month-to-month (MoM) by 37.4 percent to $3.47 billion in April 2024 from $5.54 billion in March 2024. Click here for more.

FG eyes $750m W'Bank loan, mulls telecom tax "”Punch

In pursuit of securing a new $750m loan from the World Bank, the Federal Government may reintroduce previously suspended telecom tax and other fiscal measures. Click here for more.

Discos Bill N243.97bn Electricity, Collect N192.27bn in Revenues in Two Months "” ThisDay

Electricity Distribution Companies operating in Nigeria billed a total sum of N243.97 billion to their customers in January and February, but were only able to collect N192.27 billion during the period under review. Click here for more.

N500trn lost to multinationals exit, local firms shutdown ""Experts"” The Sun

Economic experts are worried that Nigeria may be dealing with a deeper economic crisis than it is willing to admit as some multinationals which recently exited the country dragged along with them investments worth over N500 trillion. Click here for more.

FG to delist naira from P2P platforms in latest crypto crackdown - The Sun

In a latest effort to crackdown on naira manipulators in the foreign exchange market, the Federal Government, through the Securities and Exchange Commission (SEC), has announced plans to delist the Nigerian currency from all Peer-to-Peer (P2P) cryptocurrency platforms. Click here for more.

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