Oil prices have sunk to new lows, closing below $45pb for the first time in 2017. This supply/demand equilibrium is similar to the weak market condition in late 2016.

The negative sentiment in the market has left many perplexed and spurred a panic amongst Nigerian policymakers. The implications of a slide in oil price on fiscal, export and general revenues will be most profound.

The exposure of the Nigerian economy to exogenous shocks has now once again become a burning issue.

The attached bulletin addresses price movements in the domestic and global commodities market.

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