Global Market News

Fed lowers rates but sees fewer cuts next year due to stubbornly high inflation"” Reuters

The U.S. central bank cut interest rates on Wednesday, as expected, but Federal Reserve Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation, remarks that showed policymakers are starting to reckon with the prospects for sweeping economic changes under a Trump administration. Click here for more.

Asian stocks slide after Fed flags slower rate cuts, BOJ stands pat"” Reuters

Asian stocks slipped and the dollar was perched near a two-year high on Thursday after the U.S. Federal Reserve cautioned it would ease the pace of rate cuts in the coming year, while the Bank of Japan kept rates steady, as expected. Click here for more.

Oil falls on demand concerns after Fed signals slower easing ahead"” Reuters

Oil prices fell in early trading on Thursday after the U.S. Federal Reserve signalled that it would slow the pace of interest rate cuts in 2025, potentially impacting fuel demand. Click here for more.

Macroeconomic News

FG exempts cooking gas importers from duty payment"” Punch

The Federal Government, through the Nigeria Customs Service, has said that the importation of Liquefied Petroleum Gas (cooking gas) under HS Codes 2711.12.00.00, 2711.13.00.00, and 2711.19.00.00 are exempted from both import duty and value-added tax. Click here for more.

FG plans to improve power supply with $750m World Bank loan"” Vanguard

Abuja-Buoyed by a $750 million loan from the World Bank and the ongoing challenges in achieving steady power supply from the national grid, the federal government has shifted focus to the renewable energy sector to boost supply to education, health, agriculture, rural communities and transportation sectors. Click here for more.

InfraCredit Mobilises £10m Green Sukuk for Solar Powered Rural Infrastructure Project in Nigeria"” ThisDay

InfraCredit, a "˜AAA'-rated specialised infrastructure credit guarantee institution, has announced credit enhancement of Prado Power Limited's Guaranteed Fixed-Rate Senior Green Infrastructure Forward Ijarah Lease Sukuk under a co-financing arrangement with the £10 million Climate Finance Blending Facility. Click here for more.

Tension in civil service as presidency stays action on AGF's appointment-- The Sun

Tensions are running high within the Nigerian civil service following the sudden reversal of the acting Accountant-General of the Federation's appointment, with insiders attributing the move to an escalating power tussle among political heavyweights in the presidency, finance ministry and Office of the AGF (OAGF). Click here for more.

CNG: FG targets 500 conversion centres by 2025"”Daily Trust

The Presidential Compressed Natural Gas Initiative (PCNGi) has said the total number of conversion centres in the country will reach 200 by the end of the year and 500 by 2025. Click here for more.

Macroeconomic News

FG approves Shell's $2.4bn onshore asset sale to Renaissance-- Punch

Renaissance Africa Energy Company Limited, a local oil and gas consortium, says it has received ministerial consent to acquire Shell Petroleum Development Company. The company announced the development in a statement on Wednesday. Click here for more.

Jaiz Bank Concludes N10.04bn Private Placement, Meets CBN Capital Requirements"”ThisDay

Jaiz Bank has said it successfully listed N10.04 billion from its private placement on the Nigerian Exchange Group (NGX), following regulatory approvals from the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and NGX. This milestone,the bank said in a statement, places it among the few banks that have already met the CBN's revised capital requirements, ahead of the June 2026 deadline. Click here for more.

Abuja:

4 Misratah Street,

Wuse II

Abuja, Nigeria

Tel: +234 201 7100 4334

Email: research@cardinalstone.com

Website: www.cardinalstone.com