Connect with us

Business

Brent Crude Hits $115 Per Barrel

Published

on

Brent Crude Hits $115 Per Barrel

The global oil benchmark, brent crude, hit 115/barrel at 7.54pm on Monday Nigerian time after appreciating by 7.3 per cent or $7.88 as European Union nations considered joining the United States in a Russian oil embargo.

Industry figures showed that the commodity has been gaining in price since about a week, as more nations impose sanctions on Russia over its war in Ukraine.

The rise in crude oil prices also came after a weekend attack on Saudi Arabia oil facilities.

Global oil prices moved higher ahead of talks this week between European Union governments and the United States President, Joe Biden, in a series of summits that aims to harden the West’s response to Moscow over its invasion of Ukraine.

Reuters reported that EU governments would consider whether to impose an oil embargo on Russia.

READ ALSO: Oil Price Hits $100 As Ukraine Crisis Rages

Early on Monday, Ukraine’s deputy prime minister Iryna Vershchuk said there was no chance the country’s forces would surrender in the besieged eastern port city of Mariupol.

“Optimism is seeping away about progress in talks to achieve a ceasefire in Ukraine and that’s sent the price of oil on the march upwards,” Susannah Streeter, senior markets analyst at UK-based asset manager Hargreaves Lansdown, told Reuters.

With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions.

However, despite the rise in crude oil price, Nigeria has not been able to fully take advantage of the development as the country has been missing its oil production quota approved for the nation by OPEC.

The Nigerian National Petroleum Company Limited recently vowed to ensure that oil production in Nigeria was ramped up so as to enable the country to take advantage of the rising prices of crude oil.

 

Read more authentic news on our social media platforms

Continue Reading
Click to comment

Business

CBN Raises Benchmark Interest Rate To 13%

Published

on

CBN Raises Benchmark Interest Rate To 13%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has raised benchmark interest rate to 13 per cent.

The Governor of the Central Bank, Godwin Emefiele, while reading the communique of the 142 meeting of the committee said the action was to tame the raising inflation rate in the country.

READ ALSO: CBN Warns Against Fresh COVID-19 Lockdown Retains Interest Rate At 11.5%

Emefiele, however, said the rate on development finance loans would remain at five per cent till 2023.

 

Read more authentic news on our social media platforms

Continue Reading

Business

CBN To Replace Paper Currency With E-Naira

Published

on

CBN To Replace Paper Currency With E-Naira

The Central Bank of Nigeria (CBN) has urged market men and women to sign into the e-Naira as paper currency will soon be out of circulation.

The Delta State Branch Controller of CBN, Mr Godwin Okafor, made the appeal on Friday at the popular Ogbogonogo market during the market sensitisation on e-Naira.
He urged traders to key into the Central Bank’s e-Naira policy.

He said: “We are here at the market today to sensitise the market people to the use of e-Naira. It is fully backed by CBN, unlike Bitcoin which has no legal backing.”

The consultant of CBN on e-Naira, Dr. Aminu Bizi, said Delta was chosen as the second state to sensitise market women to e-Naira after Lagos.

“We are here to sensitise market men and women, shop to shop on the use of e-Naira. CBN has gone behind ATM, POS, therefore, we are going to meet the Okada/tricycle union on this policy.

“Paper currency will soon be out of circulation because CBN spent money to print money and people abuse the currency in the market, spraying on occasions, payment of Okada/tricycle and others and CBN is losing”

READ ALSO: Why Newly Launched E-naira Speed Wallet Disappeared From Google’s Play Store – CBN

He said the use of e-Naira was effective, charges free unlike ATM and POS and cannot be hacked by fraudsters.

In his remark, the Secretary to the State Government, Chief Patrick Ukah, applauded CBN for the e-Naira initiative.

Ukah who was represented by the Director of Finance and Account in the office of SSG, Mr. Benson Ojoko, said the state was delighted with CBN programmes, describing e-Naira as a laudable programme that has placed Nigeria in international finance.

 

Read more authentic news on our social media platforms

Continue Reading

Business

Bitcoin Value Drops By 50% Since November Peak

Published

on

Bitcoin Value Drops By 50% Since November Peak

The value of Bitcoin has dropped below $31,000 (£25,140) – less than half of what it was at its peak last November, according to the Coinbase cryptocurrency exchange.

The fall of the world’s largest cryptocurrency by market value comes as stock markets around the world have also tumbled in recent days.

On Monday, key European, Asian and US indexes slid lower again.

Investors are fleeing riskier assets for safe havens like the dollar.

On Monday, Japan’s Nikkei index dropped 2.5%, while London’s FTSE 100 closed down more than 2%. In the US, the Dow fell nearly 2%, the S&P 500 dropped 3.2% and Nasdaq lost 4.3%, deepening the falls in recent weeks.

READ ALSO: Why It Is Unsafe To Invest In Bitcoin Now – American Billionaire

Uber was among the companies driving the declines.

Shares in the company dropped more than 11% on Monday after media outlets reported that chief executive Dara Khosrowshahi had warned staff that investors were becoming more cautious about investments. He said Uber would respond by cutting costs and slowing its hiring.

“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” he wrote in the letter.

“The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”

In times of market uncertainty traditional investors will often sell what they see as riskier assets – like digital currency – and move their money into safer investments.

Moves in cryptocurrency markets have increasingly followed wider trends, as professional investors, such as hedge funds and money managers, become more active in trading what was once the domain of individual investors and enthusiasts.

Bitcoin, which accounts for about a third of the cryptocurrency market with a total value of close to $570bn, has seen its price plunge more than 10% in the last day and more than 20% in the last week.

READ ALSO: Ukraine Becomes Latest Country To Legalize Bitcoin

Ethereum, the second biggest cryptocurrency in the world, has also fallen in value, down by more than 20% in the last week.

Volatile trading in digital assets has not been unusual in previous years, but much of 2022 had been relatively quiet for the cryptocurrency market.

Last week, central banks around the world, including the US, UK and Australia, raised interest rates as they attempt to tackle rising prices.

The US Federal Reserve raised its key lending rate by half a percentage point, marking its biggest rate hike in more than 20 years.

That has triggered more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth.

Investors are also worried about the impact of the war in Ukraine on the world economy.

READ ALSO: CAR Becomes First African Country To Adopt Bitcoin

Meanwhile, in the last year Bitcoin has become legal tender in two countries – El Salvador and the Central African Republic.

Since El Salvador said it would allow consumers to use the cryptocurrency in all transactions, alongside the US dollar, the International Monetary Fund has urged it to reverse its decision.

. BBC

 

Read more authentic news on our social media platforms

Continue Reading

Top Stories

%d bloggers like this: