From $3 billion monthly under Jonathan, NNPC now remits zero dollar to CBN: Emefiele
Godwin Emefiele, the Central Bank of Nigeria’s governor, stated over the weekend that the official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has depleted from over $3.0 billion monthly in 2014 to zero dollar today.
At the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday, Mr Emefiele said there was a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex.
He stated that a severe crisis in the Nigerian foreign exchange market is putting pressure on the country’s reserves and suppressing the value of the naira.
“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,” he said.
The apex bank governor lamented that “increasing instances of crude oil theft have hurt” Nigeria’s ability to export enough crude oil and “consequently, its foreign exchange reserves are falling.”
Mr Emefiele explained that the inflation rate would continue to be high and beyond the 12.5 per cent threshold that supports growth. But he said CBN would maintain the current tight monetary policy stance in the near term amid rising inflation expectations and exchange market pressures.
In the face of a declining supply of foreign currency, market demand for commodities and invisible transactions has continued to rise across various uses.
The CBN governor claimed that the number of student visas granted to Nigerians by the UK alone climbed from an average of approximately 8,000 per year in 2020 to almost 66,000 in 2022, indicating an eight-fold increase to an annual outflow of $2.5 billion in foreign exchange tied to the UK alone.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Lagos
Lagos recorded 111 road crashes, 17 deaths in three months: FRSC
“Not that accidents will not happen, but we are pushing for zero fatality,’’
World
Biden pledges rapid support to Ukraine ahead of Senate’s approval of funding
The Senate is expected to vote on the package on Tuesday.
Africa
Armed clashes in northern Ethiopia leave 50,000 homeless
The displaced were seeking refuge in the towns of Kobo and Sekota in the Amhara region.
World
10 dead as military helicopters collide over Malaysian naval base
“All victims were confirmed dead on the scene.’’
NationWide
Protesters against EFCC over Yahaya Bello’s prosecution not lawyers, says NBA
The NBA said that the supposed leader or convener of the group, Sylvanus Alewu, was not a name known to it.
States
NSCDC parades suspected oil thieves in Delta
The commandant said his men were on the trail of the suspects before their arrest.