By Bamidele Famoofo
WorldStage– During the week, the naira recorded a positive performance against the U.S. dollar across major foreign exchange markets. At the official window, the currency appreciated by 1.33 percent week-on-week to close at N1,362.09/US$, while it strengthened by 0.73 percent in the parallel market, closing at N1,369.12/US$.
Meanwhile, Nigeria’s external reserves increased marginally by 0.19 percent week-on-week to US$52.04 billion, reflecting a modest improvement in the country’s external liquidity position.
In the commodities market, crude oil prices recorded strong gains during the week, supported by heightened geopolitical tensions and concerns over potential supply disruptions. Market sentiment was influenced by disruptions around the Strait of Hormuz, continued attacks on vessels in the Bab elMandeb Strait, and the temporary suspension of oil flows through the Caspian Pipeline Consortium (CPC) system following drone attacks.
At the time of reporting, Brent crude traded at $90.39 per barrel, while WTI crude stood at $97.82 per barrel, reflecting elevated risk premiums in global energy markets. Meanwhile, Bonny Light crude remained supported by the broader upward trend in international oil prices, with expectations that supply concerns may continue to influence price movements in the near term.
