Brent crude oil futures fell below $70 per barrel for the first time since December 2021.

Brent, the world's oil reference, fell by 2.8%. American West Texas Intermediate (WTI) crude was also affected, down 42 cents, or 0.6%, to $68.29. Both benchmarks gained around 1% on Monday, Tuesday's session erased these gains due to ongoing concerns about oversupply and weak global demand. The continued fall in oil prices is a result of the disappointing economic performance of China and the United States, the world's largest oil consumers, which casts doubt on future demand. This fall in crude prices is a new blow for a Nigerian economy that is already struggling. The naira has weakened to nearly 1,600 naira to the dollar in recent weeks, despite the intervention of the Central Bank of Nigeria (CBN) which sold US dollars at below-market rates at exchange offices