Online advertising company & best Digital marketing agencies in Nigeria, Trusted Social Media marketing agency & leading Internet marketing company in Africa

News and information on the best Digital marketing agencies in Nigeria, Online Advertising Companies, Branding & Public Relation

LIBYA RECOVERY TAKES OPEC PRODUCTION

LIBYA RECOVERY TAKES OPEC PRODUCTION

The organization of petroleum exporting countries crude output rose by 230,000 barrels per day to a record of 33.83 million barrels per day, mb/d, in october after production recovered in Nigeria and Libya and flows from Iraq hit an all-time high, the international energy agency stated. IEA also viewed the significant tasks ahead for OPEC if the oil cartel is to freeze or cuts its production and boost the price of the commodity. We can see the scale of the investors are said to be desperately awaiting the outcome of OPEC’s meeting, scheduled for November 30, after its members pledged at their last meeting in Algiers to cut oil production by as much as 2 %. This proposed production selling  would be between 32.5 mb/d and 33 mb/d. ADVERTISING inRead invented by Teads proposed output range explained that output from the group’s 14 members had climbed for 5 months running, led by Iraq and Saudi Arabia. In October OPEC supply stood at nearly 1.3 mb/d above what it was a year ago. OPEC members stated, well in excess of the high end of the proposed output range. This means that OPEC must agree to significant cuts in Vienna to turn its Algiers commitment into reality. It further said: “unfortunately for those seeking higher prices, an analysis of the other components provides little comfort, ”IEA said, highlighting that output was increasing in Russia, brazil, Canada and Kazakhstan.

 Total non-OPEC output will rise by 0.5 mb/d next year compared to a fall of 0.9 mb/d in 2016. This means that 2017 could be another  year of relentless global supply development similar to that seen in 2016. If there are no conclusion reached on November 30 then the market is expected to remain in surplus throughout the year and if this persist in 2017, there must be some risk of price falling back, according to the IEA. Price of oil dropped down from near $120 a barrel in june 2014 to below $30 early this year before coming back to around $50 and then fall back to around $46 more recently.

Weak demand a strong dollar and booming united states oil production have been seen as reasons for the dramatic fall, as well as OPEC’s reluctance to cut. The IEA also reaffirmed its view that oil demand peaked at a five-year high of 1.8 mb/d in 2015. It still predicts that demand growth would ease to 1.2 mb/d in 2016 due to sharp slowdowns in the organization for economic corporation and development, Americas and china.

 

Read more at: http://www.vanguardngr.com.

Continue reading
337 Hits
0 Comments

Fx market traps naira to 480 per dollar

Fx market traps naira to 480 per dollar

FX MARKET TRAPS NAIRA TO 480 PER DOLLAR

BY OMOKHUALE PUAH

The Nigeria Currency, Naira has on Thursday pitched against the price of Dollar to a new record low of N480 per Dollar at against its previous price of N472 per dollar as at Wednesday.

A Dealer who sees the possibility in the soon fall of naira said in his words “dollar is very scarce in the market, because so many do not know the extent of its fall, in the near term. People tend to hold on to their hard currencies, in other to watch the direction of the market”.

Economic and financial analysts have linked the shortage in dollar to a wave of depreciation caused by a speculative attack on the naira and a high demand from companies and private individuals.

It was noted that after trading between N423 and N425 per dollar, for several weeks, the naira increased to N428 last Wednesday, which came a day after the Central Bank of Nigeria’s Monetary Policy committee retained the lending rate at 14 percent contrary to calls by the fiscal authority, economists and stakeholders.

Though analysts dismissed that the recent declines had links with the MPC's decision, which retained the lending rate at the current rate, but at the interbank market, on Thursday, the naira closed at 305.31/ dollar, up from 312.99 on Wednesday.

According to Gwadabe, the planned commencement of distribution of forex by Travelex could not hold due to some bottlenecks.

He said that Travelex, an international money transfer organization, ought to have begun the Forex distribution to the BDC operators on Monday, but was postponed to Wednesday which still did not hold.

Following the words of ABCON leader, the sale of forex to the BDC operators by Travevelex, would help to stem the tide of volatility in the exchange rate and subsequently close the gap between the official and parallel market rates.

Saying that the latest decline in the naira was as a result of the activities of speculators, He added that Travelex has the technology to sell Forex to about 1,000 BDCs in a couple of hours, which is a major advantage.

Mr. Kunle Ezun, a currency analyst at the Ecobank Nigeria, said in his words “these rising exchange rate currently at the parallel market, are not realistic, because it has to do with speculators.

“The fact that there is an acute and chronic shortage of forex cannot be over ruled, for there is a genuine demand which the supply cannot match, because inflows have dropped significantly”, Mr. Kunle added.

Gwadagbe further said “several sharp practices have been ongoing in the forex market and these elements want to continue making profits from the status quo, which is why it is speculating against the naira”.

Continue reading
1158 Hits
0 Comments

NAIRA RISES TO N402

NAIRA RISES TO N402

 

NAIRA RISES TO N402 PER DOLLAR

BY: OMOKHUALE PUAH

A reduction in the value of naira has on Wednesday been discovered in both the parallel market and interbank as the shortage in foreign exchange hits the market.

This was stated by traders at the black market yesterday in some sections of Lagos, as they complained that the value of naira which was managed at N305 for interbank rose on to N315.93 per dollar, while at the parallel market, the naira trades at N402 to one dollar, which is 5 units weaker than N397.

As stated by a source, “the reason for the increase was due to shortage of dollars”. They also mentioned the fact that the nine lenders banned by CBN could also have caused market instability as the fear of liquidity have caused traders to hoard in anticipation of CBN’s further actions.

An Access Bank executive quoted that “naira could even exceed N500 in 2017”.

They also complained that trade posts were delayed until three minutes before the end of the session, when the apex bank intervened.

 

 

Continue reading
637 Hits
0 Comments
Casino sites http://gbetting.co.uk/casino with welcome bonuses.