Oil price pressures Nigerian economy as naira crumbles

After several proposed amendments to the federal budget for 2015, finance minister Ngozi Okonjo-Iweala has announced that its latest iteration, which is before the National Assembly and is based on an oil price of $65/bbl, will not be passed while the market remains volatile. The government will instead stick to the original draft based on $78/bbl. The Wall Street Journal quoted the minister as saying “We don’t know where the bottom is. Should it be 50? Should it be 45? Should it be 40? Is the bottom 30? I have no idea.”