Dear Subscriber,

The naira is coming under increased pressure in the forex market, falling by 1.08% to N370/$ at the parallel market. Its cumulative depreciation in November is 2.2%. This is greater than its fall in the last 12 months.

Surprisingly, December is a month in which the naira usually strengthens due to remittances of visiting friends and relatives. The difference this time is that political uncertainty is taking its toll compounded by the sharp drop (30%) in Brent oil from October.

The attached slides address these and other issues in the domestic and global commodities market.

Enjoy your read!