Brent oil closed above $70pb for the first time since December 2014 before retreating to $69.66pb. Given the current economic fundamentals, a higher oil price is a double-edged sword for Nigeria. Although it is positive for exchange rate stability, the landed cost of refined products will increase.
Also, the sharp fall in headline inflation in December to 15.37%, is likely to influence monetary policy stance in the near term whenever the MPC meets.
The attached bulletin addresses these and other issues in the domestic and global commodities market.
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