Oil Price Gains 0.54%, Closes At $75

Brent Crude on Monday gained 0.54% to close at $74.5 per barrel, with WTI also recorded a 0.31% increase in price and Bonny Light growing 1.27% to close at $72.8 per barrel.

However, Natural gas recorded a decline of 0.07% to close at $4.099.

The market traded downwards in the past week as the prospect of increased supply grew in the market shrinking crude oil prices to as low as $70 per barrel.

Nigeria’s foreign reserve position grew by $23.26 million on Friday, 23rd July 2021 to close at $33.25 billion compared to $33.23 billion recorded as of Thursday, 22nd July 2021.

Nigeria’s foreign reserve is now moving towards an upward trajectory after immense pressure encountered in recent years, brought on by the effects of covid-19 on crude oil earnings, the decline in crude oil prices as well as the decline in diaspora remittances and foreign inflows amongst others.

Data obtained from the Central Bank of Nigeria depicts that Nigeria boosted of foreign reserve that is as high as $45 billion as of this time in 2019, which has depleted by about $12 billion in the space of two years.

Meanwhile, the latest boost which has been sustained for seven days will come as good news for the Nigerian government and the Central Bank as a positive trend.

Kayode Shopekan

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  Industrial Court Adjourns FG, Resident Doctors Case To Sept 15
• Kayode Shopekan

  Islamic Cleric Urges Government To Take Action On Jos Killings
• Kayode Shopekan

  22 Commuters Killed, 12 Suspects Arrested In Plateau Road Attack
• Kayode Shopekan

  Ebola: Ivory Coast Announces First Case After 25 Years
• Kayode Shopekan

  Stop Senseless Killings in Katsina, Masari Warns Customs
• Kayode Shopekan

  Aregbesola Warns Immigration Officials Against Passport Racketeering, Fraud
• Kayode Shopekan

  Thugs Storm Osun APC Secretariat
• Kayode Shopekan

  Minister Drags Striking Resident Doctors To Court
• Kayode Shopekan

  Mixed Reactions As FG Reintroduces Toll Gates On Highways
• Kayode Shopekan

  Smuggling: FG Establishes National Vehicle Registry
• Kayode Shopekan

  Navy Debunks Report Of Attack By Militants In Niger Delta
• Kayode Shopekan

  Airport Concession: Workers Assured Of Job Security
• Kayode Shopekan

  Nigeria Needs Quality Leaders To Combat Developmental Challenges – Moghalu
• Kayode Shopekan

  Killing Of Six: Customs Boss Orders Probe
• Kayode Shopekan

  FEC Approves Policy For Toll Gates On Federal Roads
• Kayode Shopekan

  LCC: Lagos Obtained Approval For Loan Conversion Not Takeover
• Kayode Shopekan

  Lekki Deep Seaport To Commence Operations In 2022
• Kayode Shopekan

  Nze Duru, Others Selected For National Music Award
• Kayode Shopekan

  Katsina Lawmakers To Ban Border Drill Team Over Killing Of Six Indigenes
• Kayode Shopekan

  Sea Robbers Abduct Five People In Port Harcourt
• Kayode Shopekan

  Fully Loaded Container Falls, Blocks Road In Apapa
• Kayode Shopekan

  Sanwo-Olu Orders ASPAMDA To Conduct Election In 90 Days
• Kayode Shopekan

  LASTMA Dismisses Officer Over Bribery Allegation
• Kayode Shopekan

  Sea Piracy: Don Calls for Inter-agency Collaboration 
• Kayode Shopekan

  Six Rice Smugglers Killed In Katsina
• Kayode Shopekan

  NIPC Debunks Detention Rumour Of CEO
• Kayode Shopekan

  NIMASA To Resolve CVFF Disbursement Challenge
• Kayode Shopekan

  Uber, Moove Raise $23m, Create Lending Avenue for Drivers in Africa
• Kayode Shopekan

  AfDB Extends $2.5m In Grant To Support Electricity Market
• Kayode Shopekan

  How Free Naira Fall Triggered ‘Ban’ On BDCs
• Kayode Shopekan

  Customs Seizes N22.3bn Worth Of Elephant Tusks, Others
• Kayode Shopekan

  FG Approves Eight Eurobond Transaction Advisers
• Kayode Shopekan

  PUMA Unhappy With Nigeria, Ends $2.7m Sponsorship Deal
• Kayode Shopekan

  Lagos Divert Marina, National Theatre Traffic For 221 Days
• Kayode Shopekan

  Nigeria Needs More Funding For Renewable Energy Projects – Minister
• Kayode Shopekan

  Google Reviews Policy, Allows Crypto Ads Run Again
• Kayode Shopekan

  CBN Won’t Convert Customers’ Foreign Exchange Accounts To Naira
• Kayode Shopekan

  Germany Achieves One Million Electric Vehicles Target On Its Roads
• Kayode Shopekan

  IMF Board Endorses Raise In Lending Capacity By $650bn
• Kayode Shopekan

  PenCom Goes Digital On Pre-Retirement Verification Exercise
• Kayode Shopekan

  Senate To Assist Ikeja Electric Recover N70.96 Billion Debt
• Kayode Shopekan

  FG To Meet ASUU On Monday Over Looming Industrial Action
• Kayode Shopekan

  Resident Doctors Begin Nationwide Strike Amid COVID-19 Surge
• Kayode Shopekan

  PDP Demands Abba Kyari’s Extradition Over Alleged Involvement With Hushpuppi
• Kayode Shopekan

  Okagbare Disqualified From Tokyo Olympics For Doping
• Kayode Shopekan

  Lafarge Declares Profit Of N19.19bn In Q2 2021
• Kayode Shopekan

  UN Tells Governments To Punish Traffickers, Protect Children
• Kayode Shopekan

  SIM Registration Suspension Cost Telcos Eight Million Subscribers In Three Months
• Kayode Shopekan

  Newly Commissioned Rail Projects Generate N327m Monthly
• Kayode Shopekan

  Naira Gains At Official Investors Window
• Kayode Shopekan

  Enugu Airport Resumes International Operations Today
• Kayode Shopekan

  N21bn MDA Debt, EKEDC Request National Assembly Intervention
• Kayode Shopekan

  BDC Operators To Meet With CBN Governor Over Forex Ban
• Kayode Shopekan

  CSOS Propose Peace-building In Security To Improve Citizens Confidence
• Kayode Shopekan

  CBN Bails Out Discos, Disburses N156.33bn To Boost Power
• Kayode Shopekan

  FG Must Leverage ICT To Recover Economy – LCCI
• Kayode Shopekan

  Train Youths Digitally To Set Africa Free – Okonjo-Iweala
• Kayode Shopekan

  Tunisia President Fires Prime Minister Over Mass Protest
• Kayode Shopekan

  Amazon Debunks Accepting Bitcoin Payment
• Kayode Shopekan

  DPO Killed In Gun Battle With Bandits In Imo
• Kayode Shopekan

  Benin Republic Court Refuses To Extradite Sunday Igboho To Nigeria
• Kayode Shopekan

  UNICEF, FG Partner To Empower 20 Million Nigerian Youths
• Kayode Shopekan

  Dangote $1bn Cement Plant Set To Commence Operations In Edo
• Kayode Shopekan

  Lasaco Proposes N183.4 Million As Final Dividend To Shareholders
• Kayode Shopekan

  Germany To Return 7,000 Benin Artefacts To Nigeria In October
• Kayode Shopekan

  Court Adjourns Kanu’s Trial Until October 21
• Kayode Shopekan

  Buhari Urges Contractors To Carry Out CSR
• Kayode Shopekan

  How Obasanjo’s Regime Broke Mobil, Shell, Chevron’s Monopoly In Oil Sector
• Kayode Shopekan

  Naira Falls Against Dollar At Black Market
• Kayode Shopekan

  Lagos Places Ban On Movement For LG/LCDA Election
• Kayode Shopekan

  Nigerians Reel Under High Cost Of Cooking Gas
• Kayode Shopekan

  Lagos Police Arrest 103 Hoodlums, Recover Drugs, Weapons
• Kayode Shopekan

  Lagos Govt Seals Chinese Firm, Others For Refusing To Pay Tax
• Kayode Shopekan

  Air Peace Deploys Embraer 195-E2 For Flight Operations
• Kayode Shopekan

  NSCDC Arrests Two Suspects For Allegedly Diverting 33,000 Litres Of Petrol
• Kayode Shopekan

  Nigeria’s Inflation Drops For Third Straight Month
• Kayode Shopekan

  World Bank Praises Yahaya Bello For Refunding $4.63m
• Kayode Shopekan

  Lalong Grants Financial Autonomy To Plateau Judiciary, Legislature
• Kayode Shopekan

  Nigerians React To Arrest Of Four Women For Selling Donkey Meat In Edo
• Kayode Shopekan

  Lagos State Govt Rolls Out New ID Cards
• Kayode Shopekan

  Supreme Court Orders FG Not To Cede 17 Oil Wells To Imo
• Kayode Shopekan

  UTME: Educationist Berates Parents Over Exam Malpractice
• Kayode Shopekan

  Lagos PDP Lauds Senate’s Refusal To Approve Onochie’s Nomination
• Kayode Shopekan

  LASTMA GM Backs CBT For Drivers Licence Applicants
• Kayode Shopekan

  Governors against financial autonomy commit treason – Legal practitioner
• Kayode Shopekan

  APC caretaker committee lacks power to organise national convention – PDP chieftain
• Kayode Shopekan

  Police in Lagos arrest, recover weapons from 4 suspected cultists
• Kayode Shopekan

  Nigerians react to Lauretta Onochie’s screening as INEC commissioner
• Kayode Shopekan

  G7 countries offer $382m to avert famine in Nigeria’s N’ East
• Kayode Shopekan

  Ladipo Market: Fire Service advise Lagosians on safety
• Kayode Shopekan

  Lagos Police warn Black Axe members against Founders Day celebration
• Kayode Shopekan

  Fire destroys GTBank office, shops at Ladipo Market, Lagos
• Kayode Shopekan

  ‘Nigerians deserve to know how $25bn overdraft was spent’
• Kayode Shopekan

  ‘PIB, a criminal document to enslave the Niger Delta people’
• Kayode Shopekan

  Bandit attack: CBN ask farmers to offset ABP loans
• Kayode Shopekan

  Aggrieved APC members in Kwara burn brooms, plan new party
• Kayode Shopekan

  Buhari congratulates António Guterres, Amina Mohammed on their reappointment
• Kayode Shopekan

  Amidst insecurity, JAMB commences 2021 UTME as scheduled
• Kayode Shopekan

  Nigeria’s Amina Mohammed reappointed UN Deputy Secretary-General
• Kayode Shopekan

  CBN promises to boost forex supply, assure travellers of access to dollars
• Kayode Shopekan

  EU Companies seek Investment, survey Lagos Free Trade Zone
• Kayode Shopekan

  EFCC set to file 800 new corruption cases in court – Bawa
• Kayode Shopekan

  Justice Okunnu gives former Bank PHB boss 6 years jail term