Oil price fell by 1% after the Fed increased interest rates by 25 basis points and confirmed its intention to raise rates again in 2018. A rise in the value of the dollar depressed oil prices ahead of the OPEC meeting next week. Nigeria’s oil production also fell by 3% due to a disruption to facilities.
In spite of these developments, the naira remained steady at N362/$ in the forex market due to the resilience of the external reserves.
The attached slides contain a snapshot of recent commodity market movements and burning economic issues in Nigeria.
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