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CRASH IN OIL PRICES
Market sentiments are divided on where oil prices would head in the short term based on new activities taking place.
Analysts believe that the recovery of the oil market will take time, as things will only start easing off when the solution to the Coronavirus pandemic starts to record success.
There is a strong indication that the Federal Government of Nigeria may still find it difficult to implement the adjusted 2020 budget that was recently sent to the National Assembly for vetting.
Oil prices slumped more than 50 cent a barrel on Monday, even after major producers agreed their biggest-ever output cut.
Nigeria’s external debt hits a 16 year high of $27 billion in December 2019 just higher than the $20.8 billion in external debt level as at 2005.
Saudi Arabia and Russia have struck a deal on a deep output cut.
The global spread of COVID-19 and fear of another surge later in the year could limit travel plans for dollar-hungry Nigerians, easing pressure on the already troubled naira.