The exchange rates of the US Dollar hovered between N365 and N369 at the Bureau de Change segment of the market on Tuesday.
Owing to the free fall in the value of crude in the global oil market in recent times, the Naira has come under sustained pressure as the country anticipates the outcome of the central bank’s Monetary Policy Committee meeting, timed to hold next week.
Brent, the international oil benchmark for Nigeria’s crude, shed $1.40 on Tuesday, selling for $28.65 per barrel at 20:15 West African Time (WAT).
The development makes the implementation of Nigeria’s 2020 budget, which has been benchmarked at an oil price of $57 per barrel, clearly unrealistic with the price of the Nigerian crude now about half of that estimate.