The Naira continues to gain against the dollar and is currently trading below N400 as the CBN is determined to maintain its intervention. However, the external reserves slipped for the first time in months. So far commodity prices in Nigeria have shrugged off the currency gains and remained static.

The bad news is that oil prices have lost 11% since February meaning that the naira gains may be fragile.

The FDC Think Tank summarises the impact of global and domestic developments on the commodity markets.