A slew of positive indicators all at the same time is making most Nigerians pinch themselves saying this cannot be true. Naira at 380, PTA at 360, diesel at N215 per liter and FAAC at N514bn.
Before we get carried away
With oil price now trending around $50pb and the forward contracts (postdated cheques) now maturing the pressure on the external reserves will soon begin to pile up. Therefore let us step cautiously before we say Uhuru.
This publication of the FDC bi-monthly breaks down the recent developments in the context of the new oil market realities.