Oil Sinks Further By 8%, Now $22.50BP

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.

The Central Bank of Nigeria has suspended of the sale of Foreign Exchange (Forex) to Bureau De Change Operators (BDCs) in the country, issuing a two weeks market holiday.According to Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON),

Airline Operators in Nigeria Suspends Operation Over COVID-19

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.

FIRS Appoints New Directors, Retires Others

Following approval by the Board of the Federal Inland Revenue Service (FIRS) to retire directors that have served up to eight years, the board has on Wednesday approved the appointment of four Coordinating Directors and two Group Leads.

COVID-19: CBN Directs Banks To Cut Down Interest Rates

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.

Nigerian Stock Market Loses N370N

The Nigerian Stock Market on Thursday lost N370 billion of gains which it made the previous day, recording a 3.12 percent drop.

Nigeria To Host Maiden Afrika Investment Forum

Nigeria will be hosting the maiden Afrika Business and Investment Forum (AFRIBIF) set to hold between March 23 and 27, 2020 at the Nicon Luxury Hotel in Abuja, the Ministry of Industry, Trade and Investment announced.

COVID-19: Nigerian Aviation Industry Loses N160bn For Shutting Down Operations

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).

Fuel Price Now N114.53 Per Litre - PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) has on Wednesday disclosed that the price of Premium Motor Spirit (PMS) popularly known as petrol or fuel in the open market is currently at N114.53 litre.

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