Finance Friday
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Market News
Local
FG, FAO sign agreement on implementation of $99.5m new framework - Guardian
The FAO Representative in Nigeria and Economic Community of West African States (ECOWAS), Fred Kafeero, in his presentation during the agreement signing in Abuja, yesterday, said CPF is targeted at supporting Nigeria to achieve the country’s vision of development and change in line with the United Nations Sustainable Development Cooperation Framework (UNSDCF.) which envisions that no one living in Nigeria would be left behind.
Senate passes Buhari’s request of N23.7trn Ways and Means Advances loan conversion – BNR
Senate has bowed to pressure as it has approved the request of President Muhammadu Buhari for the restructuring of the sum of N23. 719 trillion Ways and Means advances that were made to ensure that the government was not shut down.
FG calls for collaborations to improve domestic gas utilisation – Guardian
The Federal Government has called for more collaborations and interventions from gas investors, industry operators and stakeholders to Improve domestic gas utilisation. The Executive Director, Nigerian Midstream and Downstream Petroleum Regularly Authority (NMDPRA), Farouk Ahmed, made the call in Port Harcourt during stakeholders’ engagement on gas utilisation in Nigeria.
Global
The FDIC plans to refill its Deposit Insurance Fund (DIF) with help from fees imposed on big banks.
The amount banks pay will be based on the size of their balance sheets and the number of depositors.
Smaller banks with less than $10 billion in assets will be exempt from the special assessment fee.
The proposal could be introduced as early as next week.
Initial jobless claims in the US increased by the most in 6 weeks, rising more than expected to 242,000.
The climb suggests some cooling in a resilient labor market.
Continuing claims, on the other hand, dropped by 38,000, the largest decline since July.
World Food Prices End Year-Long Slide to Stoke Inflation Risk – Bloomberg
Global food prices rose for the first time in a year, just as the rampant run-up in grocery costs begins to cool in some countries.
A United Nations index of food-commodity prices gained 0.6% in April, with pricier sugar offsetting losses for grains and dairy products
Weekly Investment Watchlist
This chart displays the historical Fed Funds Rate (FFR) juxtaposed against key moments of financial market volatility, the latest being the SIVB collapse in mid-March 2023. The historical pattern for the FFR is that it does not remain at peak levels for very long before being cut as peak Fed Funds tend to coincide with economic/financial stress that compels the Fed to reverse the tightening (and in hindsight implies overtightening).
Investment Tip of The Day
By spreading your investments across different types of assets and industries, you can reduce your risk and potentially increase your returns. It's important to not put all your eggs in one basket and to regularly review and adjust your portfolio to ensure it aligns with your investment goals and risk tolerance.
Meme of the Day
