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OIL PRICE CRASH
OPEC’s policies were truly influenced by the 2014 fall in price.
Nigeria does not have any crude oil hedging programme in place. Instead, it sells its crude oil on spot prices. This has caused Nigeria to become exposed to oil market price swings.
Nigeria cut its official selling price of crude oil to record lows as it looks to clear a glut of unsold April-loading cargoes.
State governors, under the auspices of NGF, will meet will on Wednesday, March 25, 2020, to brainstorm on the economic issues in Nigeria.
In Nigeria, Coronavirus possesses a different kind of imminent threat which could cost economies even more.