Governor of the Central bank of Nigeria, CBN, Yemi Cardoso says the Nigerian National Petroleum Company Limited and the Ministry of Finance have now agreed to remit all dollar revenues into the CBN.
Not a few Nigerians who blamed the NNPC for the dollar shortages currently being experienced in the country have welcome the decision.
The development is likely to boost the nation’s forex reserve as well as restore the value of the naira which has been on the declining trajectory recently, according to them.
The CBN governor disclosed this during his keynote speech at the launching of the Nigerian Economic Summit Group macroeconomic outlook report for 2024 on Wednesday.
Cardoso said the development will boost the nation’s External Reserves and foreign exchange flows into the country, and also stabilize the foreign exchange market.
The CBN boss said, “I am pleased to note our collaboration with the ministry of finance and the NNPCL to ensure that all FX inflows are returned to the CBN. This coordinated effort will enhance the bank’s FX inflows and contribute to the growth of reserves.
“The expected stability in the FX market for 2024 can be attributed to the reduction in petroleum product import and the recent implementation of the market-determined exchange policy by the CBN. This reform is designed to streamline and reform multiple exchange rates.
“The resulting consistent and stable exchange rate will not only boost investors’ confidence but also attract foreign investment alleviating Nigeria’s appeal to global investors.”
Recall that Sanusi Lamido Sanusi, a former CBN Governor and Emir of Kano had trenchantly criticized the NNPC Limited for not remitting enough dollars to the government.
Sanusi challenged the NNPCL to give account of the dollar inflows from its operations.
