Oil price drops to 28 Dollars as Naira falls to N369 at parallel market

Price of Brent crude oil, the international benchmark, extended its decline on Tuesday, trading around $28 per barrel.

Brent, against which Nigeria’s crude is priced, fell by $1.40 to $28.65 per barrel as of 8:15pm Nigerian time on Tuesday, its lowest since January 2016.

The 2020 budget which was signed by President Buhari in last December, was based on oil production of 2.18 million barrels per day with an oil price benchmark of $57 per barrel.

Meanwhile, on Tuesday the Naira exchanged to Dollars between N365 and N369 at Bureau De Change segment of the market. 

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