Global Ratings agency, Moody’s Services has kept the U.S. sovereign rating at Aaa but lowered its outlook to “negative” from “stable. This means even the U.S.’ last top credit rating that was assigned by the major credit rating agencies has the prospect of a downgrade.

African Export-Import Bank (AfreximBank) has closed about $1 billion with some organisations in various sectors across the continent.

Higher-than-expected oil prices in a scenario where the Middle East conflict disrupts oil supply would cause lower economic growth and higher inflation, Fitch Ratings says.

Global prices of oil declined on optimism that Iraq would boost supply amidst conflict in the Middle East. Iraq’s government has expressed optimism that it will soon achieve an agreement to resume oil production from its Kurdish area.

The average yield on Nigerian Treasury bills slumped to 13.6% after the Central Bank’s midweek primary market auction (PMA). 

Nigeria’s foreign exchange reserve bumped after gaining traction for four weeks amidst pressures in the global crude oil market. Having stagnated for a long, the gross external reserve has been ascending lately due to improved crude oil production volume and above 2023 budget benchmark market price.

Ahead of the consumer price index data release, Afrinvest Limited has projected that Nigeria’s headline inflation rate would accelerate by 102 basis points to 27.9%.

African Development Bank (AfDB) has finalised arrangements to disburse 618 million dollars to Nigeria under the Investment in Digital and Creative Enterprise

Amidst macroeconomic inconveniences, Nigeria’s sovereign bond benchmark yield shot up by 27 basis points as foreign investors in the international market adjusted their appetite as Africa’s largest economy struggles to rise.

Jean-Louis Ekra, Deputy Chairperson, Intra-African Trade Fair (IATF2023) Advisory Council, says the African Continental Free Trade Area (AfCFTA) can break Africa’s colonial legacy of exporting raw materials and importing finished goods.