MARKET NEWS
Naira defies rising oil prices as petrocurrency status fades - BUSINESSDAY
The naira, long considered one of Africa’s petrocurrencies, has depreciated against the US dollar over the last 15 trading sessions, despite rising oil prices fueled by the ongoing conflict between the US, Israel, and Iran. Analysts say this development reflects the gradual erosion of its petrocurrency status, as the currency increasingly reacts to hot money flows rather than oil revenues. Data from the Central Bank of Nigeria (CBN) showed that the naira weakened by N69.66 over the last two weeks, closing at N1,405.62 on Monday.
