Business Nigerian Crude Rises, Hits All Year Record High

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LequteMan

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The price of Nigerian crude on Friday rose to a new record high, selling at $35.76 per barrel, the CBN has announced.

Bonny light had traded around $35 at the start of the year and thereafter plunged into the 20s, following a global slump in crude oil prices.

However the Nigerian government have recently moved to rescue crude oil prices, meeting several nations over a possible freeze of crude oil production, which would generally cause the stock to rise.

Ibe Kachikwu, Nigeria’s oil minister, has however revealed that the “freeze” talks would continue in Russia on March 20, to achieve some sort of price stability in the oil market.

The gradual rise in Nigeria’s crude oil price has resulted in the rise of the country’s foreign exchange over the past week. With crude oil prices approaching the budget benchmark, Nigeria’s budgetary deficit should be on the low side.
 

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