New Guidelines for Foreign Banks in Nigeria's Dollar Loans - Guardian
The Central Bank of Nigeria now require foreign banks offering dollar loans to Nigerian companies to pay a non-refundable N5 million application fee and N10 million licensing fee. The guidelines aim to maintain financial stability and enable the promotion of parent company services, research activities, and connections with foreign markets.
NCC approves MTN’s spectrum lease transaction from NTEL – Punch
MTN Nigeria secures a two-year spectrum lease transaction from Natcom Development and Investment Limited, covering 19 states. The lease includes 5HMz and 10HMz spectrums, costing N4.25 billion. This milestone supports MTN's Ambition 2025 strategy, enhancing their 3G and 4G user experience.
Banks Demand Tax Clearance Certificate on FX Transactions – This Day
Commercial banks and government agencies in Nigeria must enforce a valid Tax Clearance Certificate (TCC) requirement for business transactions. The regulation covers loans, vehicle registration, contracts, and more. TCCs must be verified. Non-compliance faces strict sanctions. Banks now require TCC for foreign exchange, including school fees and remittances.
Global
Goldman, Microsoft, CBOE and Others Team Up to Launch Blockchain Network - Bloomberg
The network aims to provide improved privacy, controls, and scalability for financial institutions. Participants include Digital Asset, ASX, BNP Paribas, and Moody's. Canton Network enables connection between different blockchain systems and allows creators to retain control, facilitating the integration of separate systems like asset registries and cash payment systems.
Wall Street Leaders Warn of ‘Unthinkable’ Fallout If US Defaults - Bloomberg
Wall Street experts and financial executives caution against the "unquantifiable" consequences of a US government default on debt. They advocate for repealing the borrowing limit altogether and raising it promptly. Amid ongoing banking turmoil, they argue that debating the debt limit while financial markets are volatile is reckless.
Mortgage demand surged after Fed signaled potential pause in rate hikes – CNBC
US mortgage rates slightly dropped as the Federal Reserve hinted at a pause in interest rate hikes. Refinancing demand increased by 10%, while applications for home purchases rose by 5%. However, high home prices continue to offset the benefits of lower rates. Mortgage rates may be influenced by upcoming economic data, such as the consumer price index report.
Inflation rate eases to 4.9% in April, less than expectations - CNBC
The recent decline in inflation can be attributed to lower rates in key areas such as Fuel Oil, Gasoline, Used Cars, Gas Utilities, Medical Care, Apparel, New Cars, Food at Home, and Electricity. While rates of inflation in Transportation, Food Away From Home, and Shelter have seen increases since last June.
The consumer price index rose 0.4% last month, pushed higher by rising shelter, used vehicle and gas prices. The increase was in line with Wall Street expectations.
On an annual basis, the inflation rate was 4.9%, slightly less than the estimate and providing some hope that the trend is lower.
For workers, real average hourly earnings, adjusted for inflation, rose 0.1% for the month but were still down 0.5% from a year ago.
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
Staying informed about the latest news and events that could impact the markets is essential for risk management. Set up alerts for key market indicators, keep an eye on economic data releases, and follow the latest developments in the industries and companies you're invested in.
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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