As Brent Crude reached $76.10 per barrel, oil prices have continued their upward rally, generating hopes for increased reserves accretion, a stable naira, and heightened dollar liquidity, according to Daily Trust.
The sustained increase in oil prices due to the Israel-Iran war signals a mix of risks and benefits for the economy, highlighting the necessity for proactive management of its effects.
Yesterday, Brent Crude was sold for $76.10 per barrel, rising by $1.10 per barrel against the $75 for which the 2025 budget was benchmarked by the federal government.
This, analysts say represents a ray of hope for Nigeria in its drive to implement the budget.
At the same time, the oil price rally provides further relief for Nigeria’s Central Bank to further leverage on to consolidate recent gains on foreign reserves, price and exchange naira stability.
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