Central Bank of Nigeria
Commodity Market, Developments, World Commodity Market, Nigeria
All the items, except rubber and ginger, recorded price declines ranging from 0.6 per cent for coffee to 34.1 per cent for palm kernel. The prices of rubber and ginger increased by 4.3 and I. 7 per cent, respectively. The major factor responsible for the deterioration was the effect of failure to reach positive agreement on most of the international commodity organisations, particularly in respect of cocoa. Other factors which helped to depress the market included the sharp decline in oil prices which reduced the purchasing power of affected countries, appreciable gains by the pound sterling over the US dollar and the excess supply situation in most of the commodities.
CBN Economic and Financial Review
Central Bank of Nigeria (1986). Developments in the World Commodity Markets During the Second Quarter of 1986. CBN Economic and Financial Review. 24(2), 4-6.