Oil took another eyewatering 8% tumble (selling at $22.50 bp) on Monday after been hit by a fight for market share between Saudi Arabia and Russia, with neither showing signs of backing down even as global transport restrictions hamper demand. The world shares have buckled again and fears are beginning to mount as the global coronavirus shutdown could last for months.
Domestic airline operators in Nigeria have commenced the suspension of all flight operations over Coronavirus outbreak in the country. The suspension of operations is coming on the heels of an earlier memo from the Nigerian Civil Aviation Authority (NCAA) announcing the closure of all airports to international flights.
The Central Bank of Nigeria (CBN) has introduced 6 key policies to cushion the effect of CODID-19 surge in the economy. the Governor of the apex bank while speaking to a journalist in Abuja on Monday informed that the sum of N50 billion has been earmarked to support families and businesses affected by the impact of the novel coronavirus in the country.
Emefiele also announced the reduction of interest rate for loans from nine to five per cent for one year with effect from 1st March 2020. He also informed that the CBN will assist the Healthcare sector with credit support needed for the production and procurement of medical supplies in other to contain the spread of the deadly virus.
Emefiele continued by announcing other policy interventions of the apex bank which includes strengthening of loan to deposit ratio, an extension of the moratorium on loans and regulatory forbearance.
The International Air Transport Association (IATA) has disclosed that following the disruption in air travel in the aviation industry caused by the continued spread of the deadly coronavirus, the Nigeria aviation industry is projected to lose about N160.58 billion (when the dollar exchange rate is put at N370 to $1).