International records / OpenAlex research

Crude Oil and the Nigeria Naira Exchange Rate

The paper examined crude oil and the Nigeria naira exchange rate. Crude oil is a natural resource found beneath the water table usually in the delta region or in the sea and ocean. Oil as a hydrocarbon was first found and drilled in Oloibiri in Bayelsa State in 1956, and has become the basic source of Nigeria’s foreign earnings and therefore its foreign exchange. Exchange rate is the value of another country's currency compared to that of your own. But the ups and downs in the price of crude oil has put the Nigerian economy at the edge of the sword. Moreover, since the announced global slump i…