• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 11 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 3 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 2 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 14 hours Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 7 hours Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 12 hours Another surprise 'build'
  • 19 hours Solar Cheaper than Coal
  • 11 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 10 hours California's Oil Industry Collapses Despite Shale Boom
  • 11 hours IMO2020 To scrub or not to scrub
  • 11 hours IMO 2020 could create fierce competition for scarce water resources
  • 12 hours Global Warming Making The Rich Richer
  • 1 day Misunderstanding between USA and Iran the cause of current stand off, I call BS
Mystery Tanker With Iranian Oil Unloads In China

Mystery Tanker With Iranian Oil Unloads In China

A tanker carrying Iranian fuel…

Bearish EIA Data Sends Oil Lower

Bearish EIA Data Sends Oil Lower

Oil fell on Wednesday morning,…

Nigeria Lifts Forex Ban On Banks Failing To Remit Billions In Oil Money

Pipeline

The Central Bank of Nigeria (CBN) has readmitted nine banks to the interbank forex market after having suspended them last week for not paying some oil money to the government, AFP reported on Thursday, citing a central bank official.

Nigeria’s central bank had suspended the banks last week for withholding US$2.12 billion in oil money which belongs to the Nigerian National Petroleum Corporation (NNPC) and the Nigeria Liquified Natural Gas (NLNG), in a breach of regulation.

In order to tackle corruption, President Muhammadu Buhari had ordered last year all state accounts be merged into one single account at the central bank.

After last week’s ban, the forex market took a hit and the local currency, the naira, further dropped against the U.S. dollar.

Nigeria’s economy is largely dependent on revenues from sales of crude oil, so the low oil prices have battered the economy badly and reduced government revenues. In the first quarter this year, Nigeria’s earnings from crude oil and gas and its Petroleum Profit Tax and Royalties saw a decline of 34.1 percent.

More recently, Nigeria’s government launched a special fund worth US$100 million to take care of securing the credit that the its oil industry needs.

Then there are the militant attacks on oil infrastructure which have dragged the country’s oil production down by some 700,000 barrels per day to 1.56 million bpd. Just days after the notorious Niger Delta Avengers (NDA) agreed to a conditional ceasefire and a day after it said it would halt hostilities, a new militant group earlier this week that it had attacked a pipeline in the region operated by the state-run Nigerian Petroleum Development Company (NPDC).

Observers were skeptical about the success of a ceasefire. The NDA is just one of the militant groups operating in the Niger Delta, and a ceasefire with only the NDA does not guarantee a complete cessation of attacks. In addition, the NDA has been less active in recent months, while other self-proclaimed defendants of the local communities have come to the foreground with attacks on pipelines.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News