The monthly report by the Organisation of Petroleum Exporting Countries (OPEC) on the global movement in oil prices revealed that crude oil prices increased in April 2023. Specifically, the OPEC Reference Basket (ORB) increased, on average, from $78.45/Barrel in March 2023 to $84.13/Barrel in April 2023. This represents an increase of about 7.2 percent.
May 18, 2023
Nigeria Economic Update (Issue 18)
Nigeria Economic Update (Issue 15)
Nigerian Naira depreciated by 1.2 percent at the parallel foreign exchange market between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as against N405/$ the previous week. Despite the CBNs weekly dollar sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of $100 million to SMEs, the nairas depreciated in the week. This may likely be attributable to speculative motives (on the basis that speculators likely anticipate that the CBN forex interventions may not be sustainable).
Nigeria Economic Update (Issue 43)
Crude oil prices have sustained upward increases for the past few weeks in October. While upward trajectory of crude oil prices is expected to be sustained in the short term in line with OPECs production cuts deal expected to run until March 2018, it is important to note that crude oil prices would remain volatile. The Nigerian government therefore should take advantage of periods of high revenue from crude oil exports to develop other sectors (such as Agriculture, Manufacturing and Services sectors) of the economy as key exporting and revenue generation sectors, and thus minimize volatility risks