he naira has converged below N400/$ for the second time this year as the CBN remains determined to achieve a unified exchange rate. At the parallel market, the naira is trading at N385/$ and could appreciate marginally in the days to come.
Oil prices took a hit as focus shifted towards the unexpected rise in gasoline stock in the US. OPEC is to meet on May 25th to discuss the extension of the output curb. If the exemption granted Nigeria is not extended, this could mean trouble for the gloating naira.
The attached report summarizes the commodity price movements for this week.