The trade war between the United States of America (US) and China have led to higher crude oil (Brent) prices, which is good for the naira and Nigerian economy, President, Association of Bureaux De Change Operators of Nigeria (ABCON) , Alhaji (Dr.) Aminu Gwadabe has said.
Speaking yesterday to financial journalists in Lagos, the ABCON chief said that since the beginning of April this year, oil prices have remained above $70/barrel as the trade war rages. He said the US sanctions on Iran and Venezuela have tightened the supply of crude oil to the market and put upward pressure on oil prices.
Gwadabe disclosed that Washington had last week, raised tariffs on $200 billion worth of Chinese imports to 25 per cent from previous rate of 10 per cent, pushing prices of affected consumer goods higher.
“The rising oil prices as a result of tension in the Persian Gulf and the increasing trade wars between two world economic giants, China and America will help to take the naira to another…