Tag
BRENT CRUDE
Oil futures are trading at new highs as OPEC+ failed to meet today.
Nigeria's external reserve continues to plunge, as it heads to its lowest position in four years and a year-to-date decline of over $2 billion.
The group is expected to decide on Thursday to further ease the cuts as of August 1.
The local currency gained at the official window as the dollar supply improved significantly by 79.5%.
Brent oil started the Asian session breaking the $75 per barrel trading mark over emerging signs of a rapidly tightening market.
Brent crude oil is up 0.33%, currently trading $73.75 a barrel while U.S. Oil, West Texas Intermediate (WTI) is up 0.32%, currently trading $71.52 a barrel.
The CBN has moved to increase forex allocation to BDCs and sustain the funding for about 5,000 members of the association.
Naira appreciated at the parallel market to close at N502/$1 on Wednesday, compared to N505/$1 recorded on the previous day.
Oil prices started the week hitting their highest levels in more than two years on the back of economic recovery and the prospect of fuel demand growth.
Naira appreciated against the US dollar on Friday, 11th June 2021 to close at N410.80 to a dollar.
Oil investors can put their minds at ease with the current realities of this market.
Naira depreciated against the US dollar on Tuesday to close at N411.50 to a dollar from N411.07/$1 recorded on Monday.