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In a strategic drive to offset backlog of matured foreign exchange obligations the Central Bank of Nigeria (CBN), has announced plans to begin the sales of dollars to fuel importers, airlines and manufacturers.
New position of the apex bank is to offer dollar forwards to be delivered within two months while the “Authorised dealers’ accounts with the CBN will be debited in full for the naira equivalent of the dollar bid amount on a spot basis.
While declaring that it will settle the bids through forward settlements of two months, CBN averred that the intervention would assist fuel importers meet demand for matured letters of credit.
Statistics show that Nigeria burns about 45 million litres of petrol on a daily basis a day, or roughly 280,000 barrels, which will require the market to provide some $18 million a day.
Importers cover about 30 per cent of this, with the Nigerian National Petroleum Corporation (NNPC) covering the rest, which is a big strain on the market for dollars.
Before now, several independent importers had been relying on NNPC supplies due to forex scarcity.
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