Nigeria set for FX boost as oil prices surge past $105
Nigeria is poised to gain from a surge in global crude oil prices, which have climbed above $105 per barrel. The rise, driven by geopolitical tensions and supply disruptions, is expected to strengthen Nigeria’s fiscal position and support naira stability. Olayemi Cardoso and other experts highlight how ongoing reforms and strong oil earnings are improving the country’s macroeconomic outlook. The Central Bank’s measures and robust non-oil exports are also contributing to increased foreign reserves and a more stable currency.
TLDR
- Brent crude is trading above $105 per barrel, far exceeding Nigeria’s 2026 budget benchmark of $64.85.
- The Central Bank of Nigeria, led by Olayemi Cardoso, has implemented reforms that have improved liquidity and narrowed the exchange rate gap.
- Foreign reserves reached $48.44bn as of April 23, 2026, with projections to hit $51bn by year-end.
- Oil production averaged 1.45–1.52 million barrels per day in 2025, while non-oil exports grew by more than 18 per cent year-on-year.
- Experts say structural reforms and oil windfalls are reinforcing Nigeria’s macroeconomic resilience and supporting long-term growth.
