Economy

Crude oil price dips to $23 per barrel

Published

3 years ago

March 31, 2020

Crude oil benchmarks slumped at the open of electronic trading yesterday, extending last week’s losses as the global COVID-19 pandemic worsened and the Saudi Arabia-Russia price war heightens.

In early trading, Brent futures fell 7.1 per cent to $23.15 a barrel, while US crude futures lost 5.6 per cent, or $1.17, to $20.34 a barrel.

The oil markets are enduring a twin shock of demand destruction caused by the COVID-19 pandemic and the Saudi-Russia price war that is flooding markets with extra supply. The coronavirus pandemic has already killed about 32,000 people and sickened more than 500,000 worldwide.

The director of the National Institute of Allergy and Infectious Diseases, Dr. Anthony Fauci, yesterday estimated the United States alone could suffer as many as 200,000 deaths.

The virus has brought the worldwide aviation industry to a standstill and put roughly 3 billion people on lockdown to limit the spread of the virus.

Reuters reported that with many eschewing daily automotive use, analysts have estimated worldwide fuel demand could fall by as much as 20 per cent in the coming month.

Despite this, Saudi Arabia and Russia remain at loggerheads. Russian oil companies have said they expect the price war to continue, while the Saudis have not given any indication that there are new talks coming to curb supply. Still, any move Saudi Arabia and the Organisation of the Petroleum Exporting Countries (OPEC) makes may not be enough, Goldman Sachs said last week in a note.

They anticipated a fall of nearly 19 million bpd in global oil demand in April.

In recent days prices for crude oil traded at key locales such as Midland, Texas, have traded at several dollars less than US futures, an indication that companies there are anticipating a flood of supply.

U.S. oil production is currently running at roughly 13 million barrels per day, a record, but is expected to drop by more than 1.4 million bpd by the end of the third quarter 2021

Economy

We Have Not Devalued the Naira, says CBN

Published

6 days ago

June 2, 2023

Sunrise Nigeria

The Central Bank of Nigeria (CBN) has denied the report of the devaluation of the Nigerian currency to 630 Naira to a Dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, on Thursday said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors and Exporters (I&E) window traded this
morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while,” the statement read in part.

The CBN urged the public to disregard the story, saying it is speculative and intended to cause panic.

Economy

NPC Boss Canvases Inculcation Of Productivity In The Informal Sector

Published

2 months ago

April 8, 2023

Sunrise Nigeria

The Director General, National Productivity Centre, Dr Kashim Akor said for a virile and robust economic sustainability, productivity should be mainstream into the Informal sector to protect the over 80% of jobs already created by the sector.

Dr Kashim Akor dropped the message saying the small scale businesses created out of these sector will fail or outlive it’s usefulness, without recourse to productivity.

He expressed this concern at a two days workshop to mark the 4th National Productivity Summit held at Nigerian Army Resource Centre, Asokoro FCT, Abuja between Tuesday 4th and Wednesday 5th of April, 2023.

He maintained that the quantum of jobs created by the Informal sector that had addressed unemployment rates in the country, will be counterproductive when productivity is neglected.

Dr Kashim Akor stressed that the only option to extricate failure of businesses in the Informal sector that had been driving force of the world economies was not only to enhance productivity, but it’s sustenance in all areas.

He advised the Informal sector to take productivity as it’s cardinal objectives, so as to continue to protect not only the sector , but unemployment rates in the country.

The two-day event has its theme, “Enhancing the Productivity of the Informal sector for Increased Competitiveness.

Economy

Public Relief, as CBN Directs Banks to Release and Accept Old N200, N500, N1000 Notes

Published

3 months ago

March 14, 2023

Sunrise Nigeria

Finally, the Central Bank of Nigeria ( CBN) has directed Deposit Money Banks operating in Nigeria to issue and accept the old N200, N500 and N1000 old banknotes legal tender till December 31,2023.

There has been public uproar concerning the apparent reluctance by the bank to give effect to the ruling of the Supreme Court of Nigeria on the legal tender status of the old and redesigned currencies.

A statement by the Acting Director Corporate Communications of the Apex Bank, Dr. Isah AbdulMumin said the directive is in compliance with the Supreme Court judgement of March 3, 2023, saying that the directive was also in compliance with the established tradition of obedience to court orders and sustenance of the Principles of The Rule of Law the administration of President Muhammadu Buhari is known for.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023,” the statement said.

The Apex Bank which said it has met with the Bankers’ Committee on the development also directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, mandated all concerned to conform accordingly.