OPEC had retained Nigeria’s crude oil production quota at 1.5 million barrels per day, but the country’s production fell to 1.31 million barrels per day in February.
The 125,000bpd capacity Warri refinery was commissioned in 1978.
It is not advisable for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to further tighten the Monetary Policy Rate (MPR).
Mr Ekechukwu, in an interview with journalists on Sunday in Abuja, said the NNPC Ltd. should not be seen to be defaulting in its obligations to contractors.
President Bola Tinubu approved the new directive to promote crude oil trade using the local currency.
Some financial and economic experts have advised the Monetary Policy Committee of the Central Bank of Nigeria to retain the lending rate of 24.75 per cent.
An economist, Chijioke Ekechukwu, says foreign exchange (forex) is not the only determinant of high prices of goods and services.
Financial experts have urged the Central Bank of Nigeria (CBN) to improve its payment system to enhance the speed of settlement transactions.
