Agusto&Co stated this in its April 2020 edition of its macro report, ‘COVID-19 in Nigeria: Economic perspectives and mitigating the risks.’
With governments of some of the world’s major economies enforcing a lockdown and the slump in international travels and local commute, it stated that the consumption of energy had shrunk materially which had led to a supply glut in the crude oil market. “Crude oil represents about 95 per cent of Nigeria’s export revenues and a downturn in the market for the commodity always has a ripple effect on the economy.”
In January this year, it noted, the price of Bonny Light, the major variant of Nigeria’s crude production, averaged over $60 per barrel but had lost more than half that value by the end of the quarter.
Like play Like play. 5 naira is useless 🤦♂️
Fiscal & monetary authorities have their work cut out... this mono-economic is a disaster at it best, you put the performance & well being of the nation right in the hands of unknown persons owning to our leaders ineptitude, greed & co Aftermath of Corona might be torrid for all
Which of d Naira o
When you ve a paltry $26-28 billion in reserve/savings for a population of well over 220m people, what else do you expect? Nigerians had better start attacking PDP and asking them to return what they have stolen from them. The way you are going, in a few weeks $1 may =N1000!
Let me just go and change my little naira to foreign currency, ASAP
More pressure because, the present and past government refuse to make contingency plans against disaster, pandemic etc, by putting pressure on the Naira, if care isn’t taken the Naira will be devalued and that will be catastrophic.
The ineptitude of the economic team and the fiscal rascality of key relevant institutions is appalling...trust is waining. The insensitive of the national leadership on the wealth of the citizenry is nauseating...
No need
Hmm it has lost its value way before lockdown, can imagine what happens after lockdown
At least it's a different news from the boring coro news 🤒
Hmm.. I pray help come from above soonest.
Whr is 5 naira?
This not news at all!
I expected The Dollar to Naira exchange to have fallen in this world pandemonium
Nigerians have been Pressurized for so long by our clueless leaders, so why won't Naira experience Pressure?
The naira already lost its value a long time ago
Everyone knows
It better be naira Marley. Cuz things don red o
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