The Minister for State for Petroleum Resources was on Channels TV Sunrise show on Thursday explaining the reason for the hike in petroleum prices which has taken a lot of Nigerians by surprise.

While responding to questions on how they arrived at the pump rice band of between N135 – N145 per liter, the minister confirmed that they had relied on a price of N285/$1 which suggest that the government now believes that should be the right price of the Naira.



“How did we come to the price of 145? It’s a simple conversion of using foreign exchange at N285. That N285 is from nowhere, it is basically the secondary source that people buy FX from versus the 320 which is black market.”

The government has been in denial for months insisting that the price of the dollar was between N197 – N200 insisting that the parallel market was much smaller than the interbank market where they believed the price was no more than N200. The CBN still had an exchange rate of N197 on its website as the official rate at the time of writing this article.

Back in January 2016, the CBN issued a press release that it was banishing the BDC’s from its official window confirming also that it was not going to be prioritizing the following imports
Read more http://nairametrics.com/get-ready-1-n285-official-rate-will-be-coming-soon/

Hmm okay oh, watching in 3d