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Nigeria economy is now in a very bad shape due to the devaluation of naira, the Nigeria currency as the country’s hope now may depend on crude oil price increase.
President Bola Tinubu of Nigeria.
The Nigeria Naira currency may regain strength if the crude oil prices are high-rocket due to the war between Israel vs. Gaza
Ambassador Agim Godwin Apple, Nigeria Global Peace Envoy to Finland.
While it is true that crude oil prices can have an impact on the value of the Nigeria Naira currency, it’s important to note that there are several factors that influence currency strength.
Apart from exportation, agriculture and Apiculture, manufacturing and services.
The conflict between Israel and Gaza may contribute to increased global oil prices if it escalates and affects oil production or transportation in the region.
However, Ambassador Godwin Apple, carefully focused on the overall impact on the Nigeria Naira and submit that it would depend on various other economic factors to regain it’s value.
Nigeria is a major oil-producing country, and its economy is heavily dependent on oil exports.
When crude oil prices rise, Nigeria’s oil revenue generally increases, which can have a positive effect on the country’s foreign reserves and currency strength.
This is because higher oil prices lead to increased export earnings and inflows of foreign currency as dollars, euros and pounds into the country.
It is essential to consider that currency strength is influenced by a wide range of factors, including economic indicators, political stability, investor sentiment, inflation rates, security challenges and central bank policies.
These factors collectively shape the value of a currency.
Additionally, predicting the impact of geopolitical events on currency performance can be challenging, as it depends on the duration and intensity of the conflict, global oil market dynamics, and other market forces.
It’s crucial to monitor and analyze multiple factors to gain a comprehensive understanding of currency movements.
I welcome every Nigerian to note that while we strive to provide accurate and up-to-date information, financial markets can be unpredictable, and it’s advisable to consult with financial experts or conduct thorough research for the most current and specific analysis before carrying out any forex transactions.
Copyright ©️ Ambassador Agim Godwin Apple, UPF Peace Envoy, General Consultative Status on Economic and Social Council of the United Nations.