FDC COMMODITY UPDATE -January 28, 2025

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Dear Subscriber,

Brent rose by 0.84% to $77.73pb

Brent futures climbed 0.84% to $77.73pb due to supply disruptions in Libya. Oil prices are expected to remain bearish in the near term due to weaker oil demand from China, as its manufacturing activity index unexpectedly dropped to 49.1 in January.

Naira appreciates sharply to N1,630/$

The naira appreciated by 3.07%, reaching N1,630/$, on January 28 from N1,680/$ on January 20, driven by increased supply following the CBN intervention in the forex market. However, the country’s external reserves declined by 0.50% to $39.95 during the same period. The naira is expected to trade horizontally this week at N1,640/$ – N1,650/$.

The price of a 50kg basket of tomatoes plunged to N25,000

The price of a 50kg basket of tomatoes dropped by 44%, from N45,000 in December 2024 to N25,000, driven by harvest season supply glut. Consequently, the price of tomato substitutes like tomato paste, cucumber, and avocado are expected to decline in line with the price of tomatoes.

FDC’s Manager, Dr. Ifeoma Nwokolo, and senior analyst, Tomiwa Ajewole, discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes, respectively.

Click the link below to watch the video.

Enjoy your read!