Oil retreats stock investors lose n1trn herere five things to start your day

Here are five things to start your day:

  1. Oil Retreats: The price of oil fell by 1.4% on Monday, with Brent crude settling at $63.45 per barrel. This decline may have a ripple effect on the global economy, particularly for countries that rely heavily on oil exports.
  2. Stock Investors Lose N1trn: The Nigerian stock market suffered a significant loss on Monday, with the All-Share Index (ASI) declining by 1.14% to close at 39,311.45 points. This translates to a loss of N1 trillion (approximately $2.5 billion) in market capitalization.
  3. Naira Appreciates: The Nigerian naira appreciated against the US dollar on Monday, closing at N360.50 to the dollar. This is a welcome development for importers and exporters, as it may help to reduce the cost of imports and increase the competitiveness of Nigerian exports.
  4. Inflation Rate Rises: The Consumer Price Index (CPI) rose by 0.83% in June, driven by increases in prices of food, housing, and transportation. This may indicate that inflationary pressures are building in the economy, which could have implications for monetary policy.
  5. Fiscal Policy Review: The Nigerian government is set to review its fiscal policy framework, with a focus on increasing revenue and reducing expenditure. This review is expected to be completed by the end of the year and may have implications for the country's economic growth and development.

These are just a few of the key economic and financial developments to start your day. I hope you find them informative and helpful!