Naira Appreciates Against Dollar Slightly

The Naira which appreciated slightly against the dollar on Monday exchanged at 436 at the Investors and Exporters window.

Naira appreciated by 0.08 per cent compared to the N436.33 for which the dollar was exchanged earlier on September 23.

The open indicative rate closed at N435.67 to the dollar.

An exchange rate of N441 to the dollar was the highest rate documented within Monday’s trading before it later settled at N436.

During trading on Monday, Naira was sold for as low as N423 to the dollar.

A total of 78.10million dollars was traded at the official Investors and Exporters window on Monday.

Oil Price Falls To $86 Per Barrel

Despite efforts made by the Organisation of Petroleum Exporting Countries (OPEC) to stabilise the cost of the commodity, the global benchmark for crude dropped in price on Sunday as virtually all oil grades witnessed reduced prices on the first day of the week.

Data obtained from the September 2022 Oil Market Report of OPEC shows that an oil rig in Nigeria was dormant in August 2022 when compared to the number of functional rigs in the preceding month.

Industry figures seen in Abuja on Sunday showed that Brent dropped in price by $4.31 or 4.76 per cent to $86.15/barrel as of 4.18 pm Nigerian time.

WTI crude lost $4.75 or 5.69 per cent to close at $78.74/barrel, while the cost of oil grades in OPEC Basket dropped marginally by $0.24 or 0.25 per cent to close at $96.31/barrel.