Naira Holds Steady As Bonny Light Hits $115 And Reserves Reach $55bn

The naira enters November on firm ground, backed by higher crude prices, a four-year high in oil output and a sharp rise in external reserves.
Bonny Light, Nigeria’s benchmark grade, is selling at about $115 per barrel. Elevated risk premia and supply disruptions in global markets have pushed prices higher, and Nigeria is earning more dollars from its crude exports as a result. The additional inflows are strengthening the Central Bank of Nigeria’s (CBN) ability to step into the foreign exchange market when needed and to meet demand for imports and repatriations.
Domestic crude production has risen above 1.53 million barrels per day, or about 1.7 million barrels per day with condensate...