The naira strengthened at the new forex window (investors and exporters) to close at N380/$. At the parallel market the naira also appreciated to N386/$. This concentric movement in exchange rates is beginning to reflect a more realistic value of the naira.
Retail prices have continued to remain stubbornly static except for diesel where the wholesale price has crashed by 5% to N190 per litre. In the oil markets, Bonny Light climbed marginally to $51.82pb on the news of lower than expected US output.
The attached report summarizes the commodity price movements for this week.