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.
The expert urged CBN to re-strategise and strengthen its regulatory framework in the financial sector so as to prevent such crisis in banks in future.
CBN on Monday revoked the banking licence of unlisted lender Heritage Bank due to a breach of banking regulations.
The problems mainly are with the states and local governments.
An economist, Chijioke Ekechukwu, says foreign exchange (forex) is not the only determinant of high prices of goods and services.
Mr Anthony said the supply and demand factor was a contributory factor to the decline in kerosene.
“The Federal Government should put in more effort to tackle oil theft in the Niger Delta.’’
He said Nigeria must also ensure increased productivity in agriculture and in other sectors to fight the rising inflationary rate.
“So, if we can now implement the Chinese-naira swap, it will be very helpful for business trade.’’
“The foreign exchange market is evidently under pressure as a result of a number of factors such as surge in monetary expansion in the last one month.”
