The FAAC/NNPC gridlock is beginning to take its toll on the economy. The liquidity crunch as a result of the delay is already drying up credit availability. The unintended consequence is a stronger naira at N360/$. As state governments gasp for funding, a continuation of the impasse could tilt the economy towards a slowdown again.
Meanwhile, oil prices have recovered marginally to $72.21pb on supply disruptions in Venezuela and higher US oil imports.
The attached bulletin addresses these and other issues in the domestic and global commodities market.
Enjoy your read!