Buhari to inaugurate Dangote refinery May 22 - Punch
The Dangote Refinery established by Africa’s richest man, Aliko Dangote, is scheduled to be inaugurated on May 22. According to presidential aide, Bashir Ahmad, the inauguration Will be done by the President, Major General Muhammadu Buhari (retd.)
CBN to roll out guidelines on contactless payment system – The Sun
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.
Nigeria’s borrowing from World Bank hits $14.34bn in Q1 – Punch
Nigeria’s borrowing from the World Bank has reached $14.34bn as of March 31, 2023, The PUNCH has learnt. This was an increase from the $13.93bn debt recorded by the Debt Management Office as of December 31, 2022. This means that fresh disbursements on approved loans added $410m to Nigeria’s debt from the World Bank in the first quarter of 2023.
Global
China Banks go limit up.
Chinese investors are betting on a pledge by Beijing to let state-owned firms have access to more capital and play a bigger role.
The CSI 300 Financials Index jumped for a fifth session on Monday to reach its highest level since April 2022, adding $166 billion in market value in the process.
The gains were led by state-owned lenders including China Citic Bank Corp. as well as Bank of China Ltd., which hit the 10% daily limit-up for the first time since July 2015.
More debt ceiling drama this week and Biden and McCarthy aim to break the standoff.
President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion U.S. debt ceiling and avoid a default before the end of May.
Biden wants to raise the borrowing limit without any conditions.
Speaker McCarthy has said his chamber will not approve any deal that does not cut spending to address a growing budget deficit
Zimbabwe’s Gold-Backed Digital Currency Launches Today – RBZ
Last Thursday, the RBZ outlined plans for the implementation of the currency. In the first phase, which launches today, May 8, the tokens will be issued only for investment purposes and available through banks. In the second phase—launch to be announced at a later date—users can hold the tokens in digital wallets and use them for peer-to-peer and other commercial transactions.
Weekly Investment Watchlist
Bank Failures
Economic data calendar
May 8: Fed senior loan officer survey; whole sale inventories
May 9: NFIB small business optimism
May 10: MBA Mortgage applications; consumer price index, monthly budget statement
May 11: Producer Price Index; jobless claims
May 12: Import and export price indexes, University of Michigan sentiment survey
Investment Tip of The Day
Regularly reviewing and rebalancing your portfolio can help you stay on top of your investments and adjust your strategy as needed. This can involve selling winners, cutting losses, and reallocating assets to maintain your desired level of risk and return.
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.
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