Oil, Dollars, and Naira: Tracing a Global Shock Through Nigeria's Economy
The Naira had its calmest month of the year in the month oil was most violent. Brent rose 25.9%, peaking above $100 on the Bab-el-Mandeb blockade, yet the official rate barely moved and its daily volatility fell to the lowest of 2026. Nigeria absorbed a serious external shock and its currency held, a real achievement backed by record reserves and a 17.35% carry. This report traces how that calm was produced, and what it cost.
CurrencyCommodities
July 2026