The year started on a volatile note characterized by a collapse in global crude prices followed by the depreciation of the
naira. The oil price moved from a high of US$109 per barrel in mid 2014 to a low of US$44 per barrel in January 2015 before stabilizing at circa $50 per barrel at present. The fall in crude oil prices does not bode well for a number of countries where oil is the primary source of revenue including Russia, Saudi Arabia, Angola and Nigeria.

The Central Bank of Nigeria was finally forced to give up its support of the naira which subsequently fell against the dollar by 16 per cent from US$1/N168 to US$1/N197. This was coupled with the uncertainty over the outcome of presidential elections initially expected to hold on February 14th before being rescheduled for the 28th March.