Unpegging the currency from the dollar may also prompt a dramatic spike in inflation.
President Buhari’s initial announcement to wind down an earlier amnesty deal by 2018 is said to have contributed to the re-emergence of militancy.
Ken Saro-Wiwa spoke out against the devastation of Niger Delta by oil companies and the corrupt Nigerian government. He was executed on a school day.
Shell has been accused of making false claims about its oil spill cleanup operations in Nigeria and has been urged to help the worst-hit communities.
Nigeria has confirmed the arrest in London of former oil minister Diezani Alison-Madueke on suspicion of bribery and money laundering.
The deadline for ministries to deposit funds in a central bank account has passed, with government saying it is happy with the level of compliance.
A drop in crude prices has pummelled Nigeria’s economy, and 173-million people across the country have not been paid wages for months.
Nigeria’s President Muhammadu Buhari has pledged to recover oil revenues from an estimated stolen 250 000 barrels a day during a visit to the US.
An audit of Nigeria’s state oil firm said it overpaid Goodluck Jonathan’s government by $750-million, and had not properly accounted for $1.5-billion.