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Brent lost 0.51% to $76.43pb on a buildup in U.S. crude stockpiles

Brent futures declined by 0.51% to $75.43 per barrel following a 0.79% rise in U.S. crude stockpiles to 427.9 million barrels. However, we anticipate a near-term bullish trend in oil prices due to supply disruptions in Russia caused by Ukraine’s drone attack. This price increase surpasses the $75pb benchmark, which could help reduce deficit.

Naira appreciates by 6.95% to N1,510/$ in February

The naira has strengthened by 6.95% to N1,510/$ in the parallel market on February 20, driven by exchange rate expectations, subdued forex demand, and sustained CBN intervention. Meanwhile, the CBN, at its 299th meeting, kept the MPR unchanged at 27.50%, aligning with analyst expectations.

FDC’s manager, Dr. Ifeoma Nwokolo discussed these and other burning economic issues on Channels TV Business Morning programme.

Click the link to watch the video.

Enjoy your read!