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Bonny Light Rally Lifts Naira Prospects as Mideast Tensions Mount
The Business NG
|The BusinessNG
The Nigerian naira strengthened on Thursday in the parallel market, trading below N1600/$, buoyed by rising oil prices and renewed investor confidence.
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Bonny Light crude, Nigeria's premium export blend, surged above $69.5 per barrel, edging closer to the federal government's $75 benchmark and offering a potential boost to the country’s foreign exchange earnings.
Crude oil prices rallied amid a cocktail of geopolitical tension in the Middle East and softened U.S. trade policies, factors that typically benefit commodity-linked currencies like the naira. Analysts say the narrowing gap between official and parallel exchange rates is a signal that recent market reforms are yielding results.
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