Contrary to claims by Oil marketers that they have no access to Foreign Exchange (FX) for imports, the Nigerian National Petroleum Corporation (NNPC) has disclosed that the Central Bank of Nigeria (CBN) provided about $3.6 billion foreign exchange (FX) to oil marketers. The funds are to be used to import petroleum products into the country.
Making the revelation, Mr. Henry Ikem-Obih, Chief Operating Officer, Downstream of the NNPC, at a panel session at the Nigerian Oil and Gas Conference and Exhibition held in Abuja, said the claims by the marketers that their inability to import petroleum product was due to problems related to access to foreign exchange was not true.
He stressed that the FX interventions rolled out by the CBN and co-managed by the NNPC has been extremely successful.
Recall that reports had it that private oil marketers were said to have stopped fuel importation in 2017 due to a shortage of foreign exchange and increase in crude prices.