Exporting crude oil has been Nigeria’s main source of revenue for decades. Sodiq Adelakun/Channels TelevisionOil prices soared past $100 and safe havens rallied while equities tumbled Thursday after Russian President Vladimir Putin sent forces into Ukraine, accelerating fears of a major war in eastern Europe.
He also vowed retaliation against anyone who interfered and called on the Ukraine military to lay down its arms.There were later reports of incursions from several directions, with Ukraine’s border guard service saying Russian tanks and other heavy equipment crossed the frontier.Oil prices rocketed more than six percent with Brent cruising past $100, for the first time since September 2014, while other commodities including wheat rallied on fears about supplies from the resource-rich region.
“Stronger sanctions are to come on Russia and energy prices will inevitably head higher in the short term.” He was joined by leaders around the world, with NATO ambassadors holding an urgent meeting and the European Union saying Moscow would face “unprecedented isolation”. After staging a slight bounce Wednesday in reaction to what were considered light sanctions against Moscow, Asian markets were back in the red after a hefty drop on Wall Street.The stand-off in Europe has provided central banks with a further headache as they move to lift pandemic-era financial support and tighten monetary policy.
“Policy mistakes at this point in time are almost guaranteed,” Shana Sissel of Banrion Capital Management told Bloomberg Television.
Nigeria gains from oil with this MOVE .Time to watch how the money is used by our Leaders