The Naira faced renewed pressure this week amid escalating US-China trade
tensions and signi cant oil price drops. USD/NGN settled at NGN 1,599.94,
while EUR/NGN and GBP/NGN showed marginal strength against the Naira.
Oil prices have plummeted to $60.23 per barrel (-16.89% YTD) following OPEC+’s surprise decision to increase production. Nigeria’s foreign reserves remain stable at $38.4B, providing some bu er against external pressures.

What this means for your business: Monitor upcoming CBN policy meeting
(May 19-20) for signals on interest rate direction, while implementing hedging
strategies against continued FX volatility caused by global trade tensions and
oil market weakness.