Brent oil declined further, dropping 0.99% to $66.99pb. The widespread meltdown in global equities, bonds and cryptocurrencies extended to commodities. Nonetheless, oil remains in positive territory so far this year (2.5%).
Nigeria is the world’s largest consumer and producer of cassava, with an annual output of 57.13mn tonnes. The retail price of its most popular finished product, garri (50kg), is now N7,000. This is 56% lower than its one-year high of N16,000.
The attached bulletin addresses these and other issues in the domestic and global commodities market.
Enjoy your read!