The ongoing war between Israel and Iran has triggered a surge in global oil prices, a development expected to strengthen the naira and bolster Nigeria’s foreign exchange reserves.
Nigeria’s flagship crude oil grades, including Bonny Light and Escravos Light, are reportedly trading close to the crucial $80 per barrel mark, driven by heightened geopolitical tensions stemming from the escalating conflict between Israel and Iran.
The naira on Friday closed flat across FX market segments. At the Nigerian Foreign Exchange Market (NFEM) the naira closed at N1,549.35 per dollar. This represents slight depreciation compared to N1,539.72, marking a 0.6 percent loss, according to data from the Central Bank of Nigeria (CBN).
