Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Saturday appeared before the House of Representatives to explain what the apex bank was doing over the continuous scarcity of forex and free fall of the Naira against the dollar.
Emefiele also explained why oil marketers and dealers in petroleum products have been facing difficulties in getting foreign exchange to procure fuel overseas.
Emefiele, whose representative appeared before the Nnanna Igbokwe-led House of Representatives Adhoc Committee on the Reduction of Petrol Prices explained that the progressive decline in the amount of foreign exchange available to the CBN was responsible for the apex bank’s inability to meet the demands of oil importers and marketers .
TheNewsGuru.com reports that the inability of the marketers to get forex to import fuel could lead to the scarcity of the product that may push up prices, and increase the cost of production of goods and services .
Represented by his deputy, Mrs. Sarah Alade, Emefiele said: “There is shortage of foreign exchange. In 2013 to 2014, the Federal Government used to get $2 billion to $3 billion monthly and the CBN in the interbank sold about 30 per cent of that. About 70 per cent came from the foreign investors. Today, we get $600 million, $700 million. Nothing comes in from interbank. About $1.5 million is sold everyday and $1 billion is done in December to clear matured letters of credit. It’s not the way it used to be. “
Also, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu identified the full utilisation of the local refineries as the panacea to the problem of shortages associated with foreign exchange and fuel supply.
He assured that by 2019, the nation’s comatose refineries would be able to contribute about eight million out of over 20 million litres of petrol consumed in the country daily.
Kachikwu stated the Federal Government had perfected a strategy to attract foreign investors to partner the Nigeria National Petroleum Corporation (NNPC) by initiating a model to repair the country’s refineries within two years.
On why International Oil Companies (IOCs) are selling foreign exchange to marketers directly, he explained that the arrangement was made to ease the forex scarcity being experienced by importers who collected between 35 and 40 per cent of the foreign exchange in the CBN.
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