Global Market News

Stocks on tenterhooks as Trump's tariff plans loom"” Reuters

Asian stocks stuttered on Wednesday, while the safe-haven gold was stuck near record highs as a nervous world awaited details of U.S. President Donald Trump's tariff plans, with investors fretting about the risks of an intensifying global trade war. Click here for more.

Oil steadies as market awaits fresh US tariffs"” Reuters

Oil prices steadied in thin trading on Wednesday after falling in the previous session on concerns that new U.S. tariffs, set to be unveiled at 2000 GMT, may deepen a global trade war that could limit crude demand. Click here for more

Macroeconomic News

Net FX reserves surged to $23.11bn in 2024 "" CBN"” Punch

Nigeria's net foreign exchange reserves rose significantly to $23.11bn at the end of 2024, marking the highest level in over three years, according to the Central Bank of Nigeria. In a press statement on Tuesday, the apex bank noted that this represents a significant jump from $3.99bn recorded at the end of 2023, $8.19bn in 2022, and $14.59bn in 2021. Click here for more.

Tinubu sacks NNPCL board, CEO Mele Kyari"” Guardian

President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari. Click here for more.

$5bn Africa Energy Bank Gains Momentum with Contributions from Nigeria, Angola, Ghana"" ThisDay

In a significant development for Africa's energy sector, Nigeria, Angola, and Ghana have fulfilled their capital commitments toward establishing the Africa Energy Bank (AEB), a critical financial institution aimed at bridging the funding gap in the continent's oil and gas industry. Click here for more.

FG withdraws allocation of 1,357 housing units over default payment"” Punch

The Federal Government has revoked the provisional allocation of houses under the National Housing Programme for 1,357 beneficiaries across 33 states due to failure to complete outright payment within the stipulated timeframe. Click here for more

Nigeria leads as OPEC cuts oil production for March"” DailyTrust

The Organization of Petroleum Exporting Countries (OPEC) reduced its crude oil production in March, ahead of its planned production increase for May, a new Bloomberg survey has indicated. Nigeria was said to have recorded the largest cut as OPEC reduced its crude oil production for March to an average of 27.43 million barrels per day"”a reduction of 110,000 bpd from the prior month. Click here for more.

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