Stanbic IBTC: Nigeria’s May PMI drops to 52.9

The United States Federal Reserve has raised interest rates for the first time since 2018, as it tries to cool inflation, which is running at the highest level in 40 years. The Chair of the central bank, Jerome Powell, said the implications of the Russian invasion were "highly uncertain", pointing to the risk of disruption to supply chains. Also today, we look at details of the French government's plan to ease the economic impact of the war in Ukraine.

The French bank BNP Paribas has told its customers it will no longer process transactions in Russia after the end of March, as it halts all new projects in the country. BNP's Russian business is relatively small - with €1.3 billion of exposure to the market - but the move is symbolic as other lenders consider their position in the country. Also today, we hear from the Ukrainian farmers who are continuing to work the land amid fears for food production due to the war.

After a 7 percent slump on Monday, oil prices saw further falls in Asian trading on Tuesday, as investors considered the impact of the latest Covid-19 lockdowns on demand for oil. The price of crude has been extremely volatile in recent months. At the start of the Russian invasion of Ukraine, the international benchmark Brent rose to its highest level since 2008. Also today, we report on a protest by ride-hailing drivers in France over high fuel prices.

A decree signed by Russian President Vladimir Putin stipulates that Western countries must start paying for gas through a Russian bank that will transfer foreign currency into rubles.

A decree signed by Russian President Vladimir Putin stipulates that Western countries must start paying for gas through a Russian bank that will transfer foreign currency into rubles.

Following days of protests over soaring prices and fuel shortages, Sri Lanka's cabinet ministers have resigned en masse. The head of the central bank has also stepped down. We take a look at how the heavily indebted country got to this stage. Plus, our correspondents report on how Niger could be facing its worst food crisis in a decade, amid global food and energy shortages worsened by the war in Ukraine.

Find these stories and much more when you grab a copy of The Guardian on Thursday.⁣

Tensions between Israelis and Palestinians have been running high in recent days. Israeli forces have carried out fresh raids in the West Bank after a spate of recent deadly attacks.

Gunmen have killed an Israeli guard at a West Bank settlement, prompting several arrests by Israeli security forces. Al-Aqsa Martyrs Brigade has claimed responsibility for the attack.

It is the fourth month in a row the central bank's Monetary Policy Committee has voted for a rise. Policymakers are currently trying to stem inflation amid high energy prices sparked partly by Russia's war in Ukraine.

Governor of the Central Bank of Nigeria, Godwin Emefiele, says he has not taken the decision to run for the Office of President of Nigeria in the 2023 general elections.

Ethiopia has agreed a reconstruction and recovery grant with the World Bank, to be used to rebuild basic services in conflict-hit regions of the country.