With the naira rising and the country’s external reserves reaching multi-year highs due to strengthening foreign exchange inflows and rising global oil prices, Nigeria’s economic outlook is getting fresh support. As of yesterday, Brent crude was trading at almost $67 per barrel, above the Federal Government’s 2026 budget benchmark of $64.85. According to analysts, Nigeria’s fiscal headroom is being improved, foreign exchange buffers are being supported, and circumstances for greater exchange-rate stability are being created.Every dollar that is raised over the benchmark immediately contributes to better external liquidity and healthier public finances in an economy where oil makes up over 80% of foreign exchange earnings and around half of government revenues.
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