CBN releases forex to petroleum product importers


The Central Bank of Nigeria has released foreign exchange to oil marketers to enable them to import petroleum products into Nigeria, The Punch reports.

According to the Nigerian National Petroleum Corporation, the release of forex to marketers is in response to the repeated requests made by the oil dealers for this purpose. Although the corporation did not state the actual amount released to the marketers by the CBN, it noted that the development would further ensure availability of petroleum products across the country.

The Group General Manager, Group Public Affairs Division, NNPC, Mr. Ndu Ughamadu, said on Sunday in Abuja that the marketers had confirmed receipt of the forex and were in the best position to state the amount released to them by the apex bank. Earlier this month, three major oil marketers’ associations in Nigeria met with the NNPC, Petroleum Equalisation Fund and Petroleum Products Pricing Regulatory Agency to express their willingness to resume importation of petroleum products, especially petrol.