Nigeria: Oil price crash to below $30, wetin e mean for your personal moni
Nigerians for social media dey panic afta price of crude oil crash to 30 dollars, di lowest price since di last four years.
Di oil price bin crash dis weekend to one of di lowest for history on Sunday evening, 8 February sake of say Russia no gree bow to pressure from OPEC to reduce dia crude oil output. Crude oil wey Nigeria 2020 budget bin put hope on, bin fall from $45 per barrel to below $30. Dis price crash na sometin wey still dey unfold and fit worse pass as e be as di market still dey react. Nigerians for social media dey also panic afta di tori break, as kontri pipo dey worry say dis crash fit dabaru di economy. But wetin all dis ones mean? Nigeria dey depend on crude oil to make moni wey goment go use for different projects wey go beta di kontri. Now, if di price of oil dey drop, Economist, Michael Famoroti explain give BBC Pidgin say e go make goment spending to reduce. Famoroti wey be Chief Economist for Stears Data tok say e dey important for goment to get enough moni to spend becos e dey boost di economy through execution of different projects like road construction, salary payment, social welfare and plenti oda tins. Di oil price drop fit affect dis projects. Wetin go do your own personal moni? Nigeria dey depend heavily on crude oil for goment revenue Na evribodi, both goment workers and private workers go feel di effect of dis crash, Famoroti warn. "If di oil price remain for very long time, di Central Bank of Nigeria go either devalue di naira or start to dey restrict pipo to dey buy dollars. If dis one happen, e go affect importation and raise black market dollar rates", Famoroti explain. Alredi, pipo don dey panic say dis crash fit make di moni wey dey dia Nigerian account lose value, sotay pipo dey reason weda to move dia moni from naira to dollar investments. But Famoroti warn say dis kain panic go even make tins worse. "Na smart move to wan move your moni from your naira account to dollar investments but if evribodi begin do am, e go affect Nigeria economy", Im tok. Di best tin, according to Famoroti na for pipo to calm down and observe wit sense as di oil crash na change wey still dey go on and tins fit pick up again any moment.