Market News
Stronger naira seen as oil prices up on Middle-East tensions
...FX reserves, petrol prices to rise The ongoing war between Israel and Iran in the Middle East has triggered a surge in global oil prices, which is expected to strengthen the naira and bolster Nigeria’s foreign exchange reserves. Nigeria’s flagship crude oil grades - Bonny Light and Escravos Light - are reportedly trading close to the crucial $80 per barrel mark, driving analysts’ prediction that this will lift the naira and the nation’s foreign exchange (FX) reserves. The naira closed flat across FX market...FX reserves, petrol prices to rise The ongoing war between Israel and Iran in the Middle East has triggered a surge in global oil prices, which is expected to strengthen the naira and bolster Nigeria’s foreign exchange reserves. Nigeria’s flagship crude oil grades - Bonny Light and Escravos Light - are reportedly trading close to the crucial $80 per barrel mark, driving analysts’ prediction that this will lift the naira and the nation’s foreign exchange (FX) reserves. The naira closed flat across FX market
