BLUE ADVISOR: Top Stories You May Have Missed from Last Week

Debt Management Office, DMO gives F.G. conditions for further borrowing as Nigeria’s total public debt hits N68.9tn.

A new figure from Nigeria’s Debt Management Office last week puts Nigeria’s total public debt at N68.9 trillion while cautioning the Federal Government on borrowing further without taking certain steps 

Read more here https://bit.ly/3Ps4Iaf

Nigeria ranks Second Most Cyber-Secure African Country for Business in 2023

Nigeria was rated the second most cyber-secure African country for business in 2023, according to recent research by Indusface, a leading application security company,

Read More here https://bit.ly/3r4uh75

Nigeria Scraps Dollar-Deposit Cap as It Liberalizes FX Market

Nigeria’s central bank last week took another step to improve liquidity in the foreign exchange market with the removal of restrictions on dollar deposits at local banks a week after floating the naira. Read more here. https://bit.ly/43YfkBU

Exchange Rate: DisCos Announces Electricity Tariff Increment

Abuja Electricity Distribution Company, AEDC, has announced a new tariff increment in the Federal Capital Territory, FCT, from July 1, 2023. The AEDC in a statement issued on Sunday, noted that the upward review was needed following the fluctuation of the naira in the exchange rate market. https://bit.ly/46pjtAq

Naira depreciates by 13.9% in One Week at the I&E Window

The naira last week plunged to a record low against the dollar as Nigeria’s new foreign exchange policy took effect.

The policy, announced by the Central Bank of Nigeria on June 15th, 2023, allows the market to determine the exchange rate of the naira, ending the multiple and distorted rates that had been in place for years. Read more here https://bit.ly/3JyJ2Fz

GLOBAL NEWS

Ghana’s Economy grew 4.2% in Q1 of 2023

Ghana Statistics office last week said that the country’s economy grew by 4.2% year-on-year in the first quarter of 2023, compared to a growth rate of 3.7% in the previous quarter, the country’s statistics agency said on Wednesday. Gold, oil, and cocoa-producing Ghana is battling its worst economic crisis in a generation brought on by spiraling public debt.  https://bit.ly/3CJ0mnD

Zambia Seals $6.3 Billion Restructuring in a Breakthrough for Developing Nations

Zambia last week struck a deal to restructure $6.3 billion in debt owed to other governments, including China, marking a long-awaited breakthrough for indebted nations around the world that have faced lengthy negotiations with creditors.

Zambia in 2020 became the first African country to default on its sovereign debt during the COVID-19 pandemic and struggled since then in protracted discussions to agree on a deal. Read more here https://bit.ly/3JskG0f