In Jan 2023, Nigeria's external debt servicing cost increased by 146%. Revenue generation efforts didn't boost the govt's revenue base. N750.17bn was shared among 3 tiers of govt in Jan 2023, a decrease from Dec 2022. In 2022, Nigeria spent $2.4bn on servicing external debt. Read for more.
Nigeria is extending its non-oil export rebate program to encourage more dollar inflows due to slumping oil production. The Central Bank of Nigeria will pay naira incentives to exporters of primary goods or raw materials that repatriate dollars. This change takes effect from April 1, 2023.
Global
Big U.S. banks to pay billions to replenish failure fund- Reuters
Around 113 of the largest U.S. lenders will bear the cost of replenishing a deposit insurance fund that was drained of $16 billion by recent bank failures, the Federal Deposit Insurance Corporation (FDIC) said on Thursday.
Debt Ceiling meeting between Biden, congressional leaders postponed - Washington Post
Biden was expected to huddle with House Speaker Kevin McCarthy (R-Calif.), Senate Majority Leader Charles E. Schumer, and House Minority Leader Hakeem Jeffries (D-N.Y.).
Money Markets Ride Wave of Fed Rate Hikes to Fresh Record High - Bloomberg
The amount of money parked at money-market funds rose to an all-time high for the second straight week as investors sought higher rates, extending the trend of moving away from lower paying US bank deposits.
Investors Bail on Government Contractors Amid Debt-Ceiling Standoff - Bloomberg
Beneath the relative calm in American equity markets amid the standoff over the US debt limit, signs are emerging that investors are moving away from companies with outsize reliance on federal government contracts.
Weekly Investment Watchlist
Bank Failures
Economic data calendar
May 11: Producer Price Index; jobless claims
May 12: Import and export price indexes, University of Michigan sentiment survey
Investment Tip of The Day
Your risk tolerance is your willingness and ability to accept risk in your investments. Understanding your risk tolerance can help you make more informed investment decisions and avoid taking on too much risk. Consider factors such as your age, income, financial goals, and personal preferences when assessing your risk tolerance.
Meme of the Day
Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.
Thanks for reading Ranora Daily! Subscribe for free to receive new posts and support our work.
