Dear Subscriber,

The policy preference of the CBN is a simple trade-off of lower external reserves for a strong naira. Unfortunately, both of these variables are positively correlated and mutually reinforcing. Thus, eating most of the cake and keeping it can be illusionary even at the best of times.

The comforting news, is that with oil at $80pb, Q4 oil revenue could be as high as $11bn. This could be the much needed lifeline for the markets in November and December 2018.

The attached bulletin addresses these and other issues in the domestic and global commodities market.

Enjoy your read!