Naira appreciated by 1.2% to N405/$ on news of a 300% increase in dollar supply to BDCs to $40, 000 per week. While this is good news, the magnitude of appreciation is marginal but is expected to increase further this week.
Retail commodity prices have remained relatively unchanged as manufacturers capitalize on margins. The fear of an exchange rate reversal continues to haunt traders, who are now taking precautionary steps by increasing inventory levels.
The attached report summarizes the commodity price movements for this week.