…FX reserves, petrol prices to rise
The ongoing war between Israel and Iran in the Middle East has triggered a surge in global oil prices, which is expected to strengthen the naira and bolster Nigeria’s foreign exchange reserves.
Nigeria’s flagship crude oil grades – Bonny Light and Escravos Light – are reportedly trading close to the crucial $80 per barrel mark, driving analysts’ prediction that this will lift the naira and the nation’s foreign exchange (FX) reserves.
