Naira Gains as CBN Cuts Rates; Oil Prices Rise Amid Global Supply Disruptions

The Nigerian Naira strengthened against the US Dollar as the Central Bank of Nigeria (CBN) reduced interest rates to stimulate growth and control inflation. Oil prices rose, with Brent crude futures gaining, partly due to disruptions in global supply from countries like Russia and Venezuela.

The deadlock in Iraq-Kurdistan oil exports also impacted the market. Industry data showed a decline in crude inventory, reinforcing concerns about tightening global supply.

The CBN's decision marked the first interest rate cut in five years, signaling a cautious approach to monetary policy amid inflation concerns.