Brent gained 4.71% to $28.48pb following a gradual recovery in global oil demand as lockdown measures ease in the US, China and Europe. However, oil prices are still below the $30pb budget benchmark and poses revenue challenges for Nigeria.
The naira appreciated by 8.51% to N430/$ from N470/$ at the parallel market. This was due to the resumption of dollar sales by the CBN. This decision and the $3.4bn disbursement from the IMF will boost dollar liquidity and support the external reserves.
In the slides, the FDC Think Tank discussed these and other burning issues on Channels TV Business Morning programme.
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