Nigeria’s revenue from crude oil is set to get a major boost, as its crude grades hit $113 per barrel on Thursday, way above the international Brent’s $96 per barrel. As of 9:54 AM WAT, market data showed that Nigerian crude grades, Brass River and Qua Iboe, sold for $113.82 and $113.72 per barrel, respectively. On the other hand, Brent was sold for $96.54 per barrel, gaining just $1.61 (1.70%) from the last trading session on Wednesday.

The development comes as Minister of Finance, Wale Edun, on Wednesday, on the sidelines of the International Monetary Fund and World Bank Group spring meetings in Washington, said Nigeria’s crude oil production has hit 1.8 million barrels per day. Edun said rising crude production would boost revenue, foreign exchange, and the fiscal situation of the country. “It gives us that extra fiscal space within which to look at … helping the vulnerable households at this time.”

Rising global crude oil prices will see Nigeria’s revenue increase, as the Federal Government set the 2026 oil benchmark at $60 per barrel. The U.S. dollar held near its lowest level since early March against major currencies on Thursday, as hopes for a peace deal with Iran buoyed sentiment and encouraged traders to shed safe-haven positions. The dollar index, which measures the currency’s strength against six major peers, was steady at 97.969. It declined for eight straight sessions through Wednesday to give up most of the gains sparked by the war.

Meanwhile, the Naira appreciated on Thursday’s opening session in the Nigerian Foreign Exchange Market (NFEM), trading at approximately N1,344.20 per Dollar. Real-time data as of 7:00 AM WAT showed the currency maintaining a stable range, hitting an early high of N1,343.83 before settling near the N1,344 mark. Analysts attributed the positive movement to improved foreign currency inflows and the Central Bank of Nigeria’s consistent efforts to clear the backlog of foreign exchange demands.

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