Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Akinola Ajibade
The Central Bank of Nigeria (CBN) has advised against succumbing to the speculative activities of some players in the foreign exchange market, as naira continues its downward trend against the dollar.
Currently, Naira to dollar hits N710, a development, which was attributed to rising demand for goods and services by Nigerians.
The apex bank gave this advice, yesterday,in Abuja, while explaining the reason behind the sudden rise in the value of United States' currency Nigerian currency in Abuja.
According to CBN's Director, Corporate Communications, Mr. Osita Nwanisobi, the apex banking regulatory body is comitted to resolving the foreign exchange issues confronting the nation and as such has been working to manage both the demand and supply side challenges.
He said that bank was the international value of naira, claiming that there was huge demand pressure for foreign exchange to meet the needs of manufacturers as well as those paying tuition, medical fees amomg others.
He said anisobi said the monetary authority was strategizing to help Nigeria earn more stable and sustainable inflows of foreign exchange in the face of dwindling inflows from the oil sector.e
He noted that recent initiatives undertaken by the Bank such as the RT200 FX Programme and the Naira4Dollar rebate scheme had helped to increase foreign exchange inflow to the country. According to him, the Bank’s records showed that foreign exchange inflow through the RT200 FX Programme in the first and second quarters of 2022 increased significantly to about US$600 million as at June 2022. Similarly, he disclosed that the Naira4Dollar incentive also increased the volume of Diaspora remittances during the first half of the year.
Continuing, he said interventions such as 100 for 100 Policy on Production and Productivity, Anchor Borrowers’ Programme (ABP) and the Non-Oil Export Stimulation Facility (NESF), among others, were also geared towards diversifying the economy, enhancing inflow of foreign exchange, Stimulating production and reducing foreign exchange demand pressure.
Nwanisobi therefore said that the Bank would continue to make deliberate effort in the foreign exchange sector to avert further downward slide in the value of the naira, which he observed is fuelled by speculative tendencies.
He urged Nigerians to play their role by adjusting their consumption patterns, looking inwards and finding innovative solutions to the country’s challenges.
He submitted that Monetary policy alone could not bear all the burden of the expected adjustments needed to manage the challenges around Nigeria’s foreign exchange and admonished that: “It’s our collective duty as Nigerians to shore up the value of the Naira.
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