Research
An in-depth view of the month, published at month-end.
August was a strong month. The reserve build leaned on future oil barrels and reversible portfolio flows but the strength has yet to reach the real economy, where the black-market premium and food inflation both climbed.
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.