The crash in crude oil prices globally and the coronavirus pandemic appear to have negative effects on the Nigerian banking industry.
Many Nigerian banks are reducing how much foreign currency customers can spend abroad as concerns over the impact of the COVID-19 pandemic and drop in crude oil prices worsens Nigeria’s currency situation.
Brace up; The effect of the oil price war between Saudi Arabia and Russia as well as Covid-19 virus is expected to throw Nigeria into another recession by the end of 2020.
The Nigerian Senate has expressed its willingness to consider the removal of subsidy on petrol and devaluation of the Naira.
