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The following table shows the approximate average monthly crude oil production ...
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The following table shows the approximate average monthly crude oil production in Nigeria (in million barrels per month – mbpm) and the corresponding average monthly exchange rate of the Nigerian naira to the US dollar (NGN/USD) between June 2024 and January 2025.
Date | June 2024 | Jul 2024 | Aug 2024 | Sep 2024 | Oct 2024 | Nov 2024 | Dec 2024 | Jan 2025 |
Crude oil produced and exported (million) | 1,369 | 1,307 | 1,438 | 1,392 | 1,403 | 1,497 | 1,525 | 1,495 |
USD/NGN – price of 1 US dollar in Nigerian naira | 1,325 | 1,360 | 1,490 | 1,343 | 1,418 | 1,470 | 1,534 | 1,480 |
Based on the information in the table above, do you think there is a particular direction of causality between the average crude oil production and the exchange rate of the Nigerian naira to the US dollar? Answer [Yes, No, or Inconclusive]