Global oil prices fell sharply on Tuesday, hitting a three-month low after optimism grew over the reopening of the Strait of Hormuz following a peace deal between the United States and Iran.

The International Monetary Fund (IMF) has assessed that the naira remains undervalued by 25.6%, despite recent gains following Nigeria’s foreign exchange reforms.

Nigeria’s crude oil export earnings fell by ₦1.75 trillion in Q1 2026, despite a rally in global oil prices, according to the National Bureau of Statistics (NBS).

Cooking gas prices in Nigeria have surged by about 140%, rising from ₦1,000 per kilogram in January/February to as high as ₦2,400 per kilogram in mid-June 2026.

The Central Bank of Nigeria (CBN) absorbed about N6.88 trillion from the financial system through Open Market Operations (OMO) in the first two weeks of June 2026, according to data released June 11.

Nigeria’s average daily natural gas production rose to 7.93 billion standard cubic feet per day (bcf/d) in May 2026, a slight increase from 7.88bcf/d in May 2025, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).