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Nigeria Limits ATM Withdrawals To $45 Per Day To Force Govt-Controlled Digital Payments
Nigeria Limits ATM Withdrawals To $45 Per Day To Force Govt-Controlled Digital Payments A staggering number of Nigerians love Bitcoin, but hate government cryptocurrency (CBDCs). In April, leading cryptocurrency exchange KuCoin noted that 35% of the adult population in Nigeria – roughly 34 million adults aged 18-60, own bitcoin or other cryptocurrencies. But when it came to the country’s Central Bank Digital Currency […]
Watch: Oil Production Ship Explodes Off Nigeria’s Coast
Watch: Oil Production Ship Explodes Off Nigeria’s Coast Nigeria could be facing an environmental disaster as a floating, production, storage, and offloading (FPSO) vessel “Trinity Spirit” carrying 2 million barrels of crude exploded off the coast, according to The Independent. The incident occurred on Thursday morning at the Ukpokiti oil field off Nigeria’s coast. Shebah Exploration […]
13 Years Is Too Long for Victims of Shell’s Oil Spills to Wait for Justice
13 Years Is Too Long for Victims of Shell’s Oil Spills to Wait for Justice This case has beaten a path through the undergrowth for victims of corporate crimes. Now we need strong laws to make this avenue easier to access. Donald Pols (R), director of Dutch environmental organization Milieudefensie, and Channa Samkalden (L), lawyer […]
Petro-States Face Extinction
Petro-States Face Extinction Petro-states urgently need to begin diversifying their economies, shifting away from oil production, or else they face financial risks in the years ahead. That conclusion comes from the IEA’s new report, “Outlook for Producer Economies,” which warns that a changing energy system threatens the economies of oil-producing countries. The threat comes in […]
Oil’s $133 Billion Black Market
Oil’s $133 Billion Black Market Oil is still the world’s leading energy source, with growing demand, a fluctuating pricing system, and much of its production in volatile regions. The oil market’s value is larger than the world’s valuable raw metal markets combined, with an annual production valued at US$1.7 trillion. A flourishing black market is […]
Reuters: OPEC Production Falls To 13-Month Low
Reuters: OPEC Production Falls To 13-Month Low OPEC’s oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel’s total production to the lowest level since April 2017, according to the monthly Reuters survey. The largest fall […]
Musical Tribute to Bribes in the US, Israel, Nigeria, Everywhere
Musical Tribute to Bribes in the US, Israel, Nigeria, Everywhere Israeli PM Netanyahu and Shell executives face bribery charges. US politicians are second to none when selling votes. Bribes Israeli Style NPR reports Israeli Police Push For Prime Minister Netanyahu’s Indictment On Corruption Charges. Israeli police are urging the attorney general to indict Prime Minister […]
Oil Market On Edge Following Outages
Oil Market On Edge Following Outages Several key outages have left the oil markets anxious despite a promising start to the week. Analysts are keeping a close eye on both Nigeria and Venezuela as political instability threatens to impact supply further. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) – Brazil’s oil production […]
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up Having urged “don’t panic” just 4 short months ago, it appears Nigeria just did just that as the global dollar short squeeze forces the eight-month-old government of President Muhammadu Buhari to beg The World Bank and African Development Bank for $3.5bn in […]
Nigerian Currency Collapses After Central Bank Halts Dollar Sales To Stall “Hyperinflation Monster”
Nigerian Currency Collapses After Central Bank Halts Dollar Sales To Stall “Hyperinflation Monster” Having told banks and investors “don’t panic” in September, amid spiking interbank lending rates and surging default/devaluation risks, it appears the massive shortage of dollars that we warned about in December has washed tsunami-like ashore in oil-producing Nigeria. Following the Central bank’s decision this week to halt […]
Low Oil Prices Could Break The “Fragile Five” Producing Nations
Low Oil Prices Could Break The “Fragile Five” Producing Nations Persistently low oil prices have already inflicted economic pain on oil-producing countries. But with crude sticking near six-year lows, the risk of political turmoil is starting to rise. There are several countries in which the risks are the greatest – Algeria, Iraq, Libya, Nigeria, and […]
Oil Price Crash: Top 5 At-Risk Countries
Oil Price Crash: Top 5 At-Risk Countries Since June 2014, global oil prices have dropped by more than 50%. The drop could strongly affect the economic and political stability of these five oil exporting countries. Oil prices make winners and losers. In general, oil importers will gain from low prices, while most oil exporters will […]
BBC News – Boko Haram ‘seizes army base’ in Nigeria town of Baga
BBC News – Boko Haram ‘seizes army base’ in Nigeria town of Baga. Officials in Nigeria say the Islamist group Boko Haram has seized a town and a military base used by a multinational force set up to fight the insurgents. The senator for Borno North said troops abandoned the base in the town of […]
Nigerians ‘Crying for Money’ as Naira, Boko Haram Hit Trade – Bloomberg
Nigerians ‘Crying for Money’ as Naira, Boko Haram Hit Trade – Bloomberg. At one of Nigeria’s busiest markets, Ndubuisi Benjamin Nweke complains about the toughest business environmentAfrica’s biggest economy has faced in years. “Customers are not coming the way they’re supposed to,” said the 46-year-old, whose trade in Chinese-made fabrics at the Idumota market in […]
Nigeria, Belarus Halt All FX Trading As Central Bank Urges “Don’t Panic” | Zero Hedge
Nigeria, Belarus Halt All FX Trading As Central Bank Urges “Don’t Panic” | Zero Hedge. Just because Russia has managed to stabilize its currency for the time being as crude tries to find a floor, that certainly does not mean the soaring dollar tantrum-cum-crude crash episode is anywhere near over, nor that stability has returned to the […]
