The naira has come under renewed pressure in the foreign exchange market, slipping to N1,385 per US dollar as escalating conflict in the Middle East sends shockwaves through global financial systems. The local currency, which had previously shown signs of stability at N1,360, has depreciated by roughly 0.3 per cent over the past fortnight. Despite Nigeria’s inflation easing slightly to 15.06 per cent in February, the subsequent eruption of conflict in the Middle East has seen domestic gasoline prices soar by more than 30 per cent. Fears of supply shocks have intensified following attacks on energy infrastructure in the Middle East and ongoing concerns regarding ship traffic through the critical Strait of Hormuz. “Ultimately, this has injected oil prices with monstrous levels of volatility… Iran’s attacks on energy infrastructure around the Middle East have intensified fears around supply shocks,” Anthony added.

Source: Punch March 18, 2026 12:19 UTC