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Media Highlights 22-05-2024
(Source: CardinalStone Research, Date: 22-May-2024)

Global Market News

 

Japan's exports pick up on weak yen but business mood stalls "” Reuters

Japan's exports rose for a fifth straight month in April, helped by a boost in value from the weak yen, government data showed on Wednesday, but shipment volumes struggled as soft demand weighed on growth. Click here for more.

 

Oil slips for third session on likely 'higher for longer' US rates "” Reuters

Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve might keep U.S. interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world's largest oil consumer. Click here for more.

 

Macroeconomic News

Naira slide pushes Dangote diesel to N1,100/litre "" Punch

The price of Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery has increased from N940/litre to N1,100/litre due to the crash of the naira against the United States dollar, it was gathered on Tuesday. Click here for more.

 

26.25% interest rate: Private sector fears loan repayment crisis - Punch

Members of the Organised Private Sector and economists have expressed fear over the latest hike in the nation's benchmark interest (Monetary Policy Rate) by the Monetary Policy Committee, saying the decision could significantly hamper economic operators' ability to repay their loans. Click here for more.

 

Lack of policy, infrastructure hurts $296bn blue economy sub-sector ""Experts "”The Sun

With a coastline of 852 kilometres bordering the Atlantic Ocean in the Gulf of Guinea and a maritime area of over 46,000 sqkm, Nigeria possesses fresh mangrove swamps, creeks, coastal rivers, estuaries, bays, and offshore waters, making it very attractive to other nations. Click here for more.

 

14 new IMTOs will boost remittances "" Cardoso "”Punch

The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, has said that the licensing of 14 new international money transfer operators would improve competition and increase remittances via formal channels. Click here for more.

 

 Tinubu okays $750m for rural electrification "”Punch

The Federal Government has approved a $750m World Bank funding for the construction of 1,200 mini-grids in rural communities across Nigeria. Click here for more.

 

Naira appreciates to N1,470/$ in parallel market "" Vanguard

The Naira yesterday appreciated in the parallel market to N1,470 per dollar from N1,475 per dollar on Monday. Similarly, the Naira appreciated to N1,465.68 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Click here for more.

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