Global oil prices climbed on Wednesday, providing support for Nigeria’s external position as the naira steadied in official and parallel markets.
Brent crude rose above $89 per barrel, while Nigerian crude output averaged 1.43m barrels/day in August, near OPEC targets.
External Buffers Strengthen
With reserves hitting $42bn and oil output improving, the CBN’s recent rate cut to 27% was cushioned by stronger fundamentals. The naira traded with renewed stability across major FX windows.
What It Means for Nigeria
Economists say rising oil revenues and steadier FX markets will help Nigeria defend its currency in the short term. However, structural risks remain if reforms stall or global oil prices slip back.
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