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The Nigerian naira exchange rates diverged after the local currency was launched into recovery with FX backlog settlement by the apex bank. The exchange rate crossed to N809.02 from behind amidst demand and supply imbalance.

Oil prices increased as Saudi Arabia and Russia tightened supply with voluntary production cuts. ICE Brent price rose 0.86% on Monday to $85.62 per barrel from the closing price of $84.89 a barrel in the previous trading session on Friday.