The sharp drop in the price of oil by 15% since January to $47pb could threaten the gains of the naira in the forex market. The naira is trading flat at N391/$
Despite the naira appreciation from the frequent CBN forex intervention, commodity prices have remained sticky downwards. If this trend is sustained, we should begin to see moderation in consumer prices in the near term.
The attached report summarizes the commodity price movements for this week.
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