Global oil prices and Nigeria’s naira strengthened on Wednesday after the Central Bank of Nigeria (CBN) reduced its benchmark interest rate by 50 basis points, the first cut in five years.
Brent crude futures rose 0.3% to $67.82 per barrel in early trading, extending Tuesday’s $1 surge amid stalled Kurdish exports and tightening global supply. U.S. crude stockpiles also fell by 3.82 million barrels, adding bullish momentum to the market.
Meanwhile, the naira appreciated to ₦1,487.36/$ at the official foreign exchange market, recording a modest 0.08% gain. At the parallel market, the local currency held steady at ₦1,515/$.
CBN Governor Olayemi Cardoso said the rate cut part of efforts to stimulate growth comes as inflation shows consistent signs of easing. He also noted that Nigeria’s crude oil production rose to 1.68 million barrels per day in Q2 2025, its strongest quarter in four years.
Analysts believe sustained CBN interventions and steady foreign portfolio inflows continue to support the naira’s resilience, with both official and parallel markets showing positive momentum.
