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BUSINESS/Economy
As the deadlier variant of the coronavirus signals the emergence of the second wave of the COVID-19 pandemic, the world’s oil markets brace for a harsh year 2021; with Europe slipping into another COVID-19-driven lockdown.From all indication, this dreadful wave is already showing signs of causing another shutdown of the global economy, which brought oil prices to its knees early last year. Consequently, a prolonged reign of this pandemic could lead to the worst fears of the Organisation of the Petroleum Exporting Countries (OPEC) – oil glut, in 2021. With an over 70per cent of its forex dependency on oil, this does not look good for liquidity in the foreign exchange market in Nigeria, especially as the country is losing its European oil market share to the US. Happening so early in the year, it has become imperative; to nervously take a peep into a crystal glass, to examine the level of the pressure the naira will be subjected to, in 2021. Chris Paul repor ....

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