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DOHA, April 18 (Reuters) – A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday, leading to a steep drop in oil prices towards $40 on Monday. Below are the key facts, questions and answers about the meeting: WHAT WERE THE DOHA TALKS TRYING TO ACHIEVE? Some 18 oil nations […]

By Obinna Chima Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, has expressed optimism that the agreement reached between Nigeria and China last week on a currency swap will strengthen the naira and help reduce the strong demand for the US dollar in the country. President Muhammadu Buhari last week travelled with a […]

DUBAI, April 18 (Reuters) – Iran urged other oil producers on Monday to continue talks on an output freeze to prop up crude prices, but insisted it was justified in not freezing its own output. Iranian OPEC Governor Hossein Kazempour Ardebilli was speaking to his oil ministry’s Shana news agency after talks on Sunday between […]

Crude-oil prices pared some losses in mid-Asia trade Monday after tumbling more than 6% in the opening hour following a failure of the key producers to agree on a production cap that could have tightened up the supply market. On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at […]

A lot have been made of President Buhari’s trip to China. Politicians from both major parties have either praised the achievements of the president while his opponents are focusing their criticisms on the weakness of the deal. We will dissect both of those at a later date but let’s separate fact from fiction and highlight […]

LAGOS, April 17 (Xinhua) — Nigeria’s plan to increase the availability of renminbi (Yuan) has already favored the Naira against the U.S. dollar, a top official with the Association of Bureau De Change Operators of Nigeria said Sunday. Aminu Gwadabe, President of the Association disclosed this to reporters in Abuja, saying since the announcement, the […]

If the administration of Value Added Tax (VAT) is decentralised to allow states administer tax law, Nigeria can realise average total revenue of N560 billion monthly. This is an equivalent of N6.7 trillion yearly, at the five per cent VAT rate, founding President, Association of National Accountants of Nigeria (ANAN), Mr. Omoba Olumuyiwa Sosanya, has […]

DOHA, April 17 (Reuters) – OPEC and non-OPEC producers on Sunday failed to reach a deal to freeze oil output, three oil industry sources told Reuters. Sources said OPEC producers had told non-OPEC members they needed first to reach a deal within OPEC, possibly at a June meeting. After that, the Organization of the Petroleum […]

MOSCOW, April 16 (Reuters) – A draft of an agreement prepared for the meeting between OPEC and non-OPEC member countries in Qatar on Sunday sees oil production being frozen at the January level until October, TASS news agency quoted the Azeri energy minister as saying on Saturday. The minister, Natig Aliyev, described the draft as […]

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DUBAI, April 16 (Reuters) – Saudi Arabia will only freeze the level of its oil production if all other major producers, including Iran, do so, Bloomberg reported on Saturday, citing Saudi deputy crown prince Mohammed bin Salman. He told Bloomberg the world’s largest crude exporter would cap its market share at about 10.3 million to […]