A total of N701 billion has been allocated to the federal government, states and local governments as revenue for the month of April 2018 in Nigeria. The Permanent Secretary of Nigeria’s Ministry of Finance, Mr Mahmoud Isa-Dutse, who disclosed this in Abuja, the country’s capital said that the amounts shared were the outcome of Federal Account Allocation Committee (FAAC) meeting.

The billionaire businessman, Aliko Dangote, says he wants to become the biggest philanthropist in Africa, asides being the continent's richest man. He said the motivation gave birth to Aliko Dangote Foundation, on whose platform a total of N2.5bn had been disbursed to 256,500 women across Kano, Lagos, Jigawa, Kogi, Adamawa, Borno and Yobe states.

In China, the People's Bank of China set the set the reference rate for the yuan against the dollar, the mid-point from which the currency is allowed to trade, at 6.3773 versus the previous day's 6.3799. The USD/CNY pair gained 0.10% to trade at 6.3729.

Oil prices have broken out of a "sweet spot" for global economic growth and could herald a U.S. recession if they keep rising, UBS warns.

The Swiss investment bank on Tuesday joined a chorus of financial institutions in pondering the economic impact of oil prices at $100 a barrel. Crude futures are trading near their highest levels in 3½ years, bolstered by strong demand, supply cuts from big producers, and mounting geopolitical tension in the Middle East and Venezuela.

U.S. stocks climbed on Monday after the United States and China put their trade differences “on hold” to work on a wider agreement, while sentiment was also buoyed by the nearly $28 billion worth of merger activity.

The truce sparked a broad rally, with all the 11 major S&P sectors higher and the small-cap Russell 2000 hitting a record high for the fourth session in a row.

U.S. Treasury Secretary Steven Mnuchin said on Sunday the United States and China had agreed to drop their tariff threats, while China on Monday praised a significant dialing back of tensions.

As Pension Fund Administrators (PFAs) begin to align their investment portfolio with the Multi-Fund Structure regulation as required by the National Pension Commission (PenCom), it might be another game changer in favour of Nigerian stocks.

PenCom recently released the amended regulation on investment of Pension Fund Assets for the pension industry and introduced a Multi-Fund Structure, which replaces the “one-size-fits-all” structure that puts all active contributors into one Retirement Savings Account (RSA) Fund without consideration for age or risk profile of such contributors.

The multi-fund structure is a new system of fund management that allows the splitting of the RSA ‘Active’ fund into three different funds; Fund I, Fund II and Fund II. The ‘Retiree’ fund remains and it’s called Fund IV.

Vice President Yemi Osinbajo, has declared that for the country to succeed and move forward, Nigerians must learn to imbibe the principles of creativity, innovation and hard work.

Osinbajo stated this when he attended the Sunday service at the Commonwealth of Zion Assembly (COZA), Abuja, with renowned US preacher, Bishop T.D. Jakes as guest minister.

He further noted that character and integrity are also pillars for nation building.

Nigeria's central bank policy-setting committee voted to retain all key lending rates at its 261st meeting, the second meeting in 2018. The monetary policy committee retained interest rate (monetary policy rate) which was at 14%, Cash Reserves Ratio at 22.5%, Liquidity Ratio which was left at 30%; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

Oil rose on Monday, lifted by a rally across stocks and other commodities, after the United States said it had put a possible trade war with China “on hold”. Brent crude futures were up 35 cents at $78.86 a barrel at 0845 GMT, having hit a high above $80 last week, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents to $71.57 a barrel.

Nigeria’s central bank held its main lending rate at a record-high 14 percent as it sees increased inflation pressure in the second half of the year.

Of the nine members of the Monetary Policy Committee who attended this week’s meeting, eight voted to leave the benchmark rate unchanged, Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That decision matched the median estimate in a Bloomberg survey.

Lawmakers approved 2018 spending plans last week and President Muhammadu Buhari still needs to sign them off. The budget is more than 20 percent bigger than last year’s.

The Central Bank of Nigeria (CBN) said the Nigeria-China currency swap deal would not cover the importation of the 41 items banned in its 2015 circular on items not valid for foreign exchange. CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, made this known in an interview in Abuja.