The US dollar fell to a two-year low against a basket of currencies and a 9.7% appreciation of the Naira to N435/$. Brent also rallied by 1.15% to $45.80pb.
In Nigeria, this means higher oil proceeds and short term accretion to External Reserves. However, the proposed resumption in forex sales by the CBN could offset the expected rise in reserves. External reserves could fall to $34bn in October.
The slides in the download provide a snapshot of the discussion in the Commodities segment of the Business Morning programme on Channels TV by the FDC Think Tank.
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