Cocoa, Nigeria’s 3rd most important export, witnessed a decline in price to $2,084 per metric tonne. This is the main crop harvest season and Nigeria expects to earn no less than $450m from cocoa exports.
FAAC shared by the Federal and State governments in October dropped 12.4% to N558bn. This is likely to reduce interbank interest rate which are above 120% pa. Some state governments will be relieved as their salary arrears may be cleared.
The attached bulletin is a summary of commodity price movements this week.
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