Naira Under Pressure: Black Market Dollar Rate Reaches Alarming Levels Today 30th October 2024

Naira Under Pressure: Black Market Dollar Rate Reaches Alarming Levels Today 30th October 2024

Nigeria’s crude oil price decreased to $72 per barrel yesterday, down from $75, representing an 8.2% drop from the $77.96 per barrel benchmark outlined in Nigeria’s 2024 budget……..CONTINUE READING 

Reports indicate that the prices of Bonny Light and other crude oils have significantly declined due to Israel’s restrained response to Iran’s missile attack, which had previously raised concerns about possible disruptions to oil supply and pricing.

The Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s oil production (excluding condensate) fell to 1.324 million barrels per day (bpd) in September 2024, down from 1.352 million bpd in August 2024, marking a 2% reduction.

Furthermore, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) noted that Nigeria’s total oil output, including condensate, dropped to 1.544 million bpd in September 2024, down from 1.570 million bpd in August 2024, indicating a month-on-month decrease of 1.7%.

This situation signals potential challenges for Nigeria regarding oil prices and production, prompting concerns among experts about the country’s ability to meet its budget projections for 2024.