The Central Bank of Nigeria said on Tuesday that the monthly supply of dollars at its disposal had dropped to between $600m and $700m.

While the bank had a stock of up to $3bn monthly in 2013 and 2014, it said the forex scarcity that hit the country lately had left it with roughly $700m.

The Deputy Governor, CBN, Mrs. Sarah Alade, who appeared before an ad hoc committee of the House of Representatives in Abuja, explained that the forex scarcity was the reason why the apex bank was unable to meet all demands, particularly those coming from importers of petroleum products.

The ad hoc committee, which is headed by a member from Imo State, Mr. Nnana Igbokwe, is conducting a public hearing on the review of the pump price of petrol from N145 to N70.04 as proposed by the House.

The committee had summoned the Governor of the CBN, Mr. Godwin Emefiele, to respond to allegation by importers that the bank was denying them access to forex.

Emefiele was also to explain how International Oil Companies got involved in the sale of foreign exchange to importers and petroleum marketers in the country.

But Alade, who represented the governor, told the committee that it was impossible to meet every forex demand in the light of the present scarcity.

She said, “Things are not the way they used to be.

There is a shortage of foreign exchange. In 2013 to 2014, the Federal Government used to get $2bn to $3bn monthly, and the CBN in the interbank market sold about 30 per cent of that. Seventy per cent came from foreign investors.

“Today, we get $600m or $700m. Nothing comes in from interbank market; $1.5m is sold every day and $1bn was done in December to clear matured Letters of Credit. It’s not the way it used to be.”

The Minster of State for Petroleum Resources, Dr. Ibe Kachikwu, responded to the question on why the IOCs were involved in the sale of forex to importers.

He stated that it was an arrangement to ease supply to the importers, who received between 35 per cent and 45 per cent of the available forex.

The minister described it as an “intervention scheme,” which was coordinated by the Nigerian National Petroleum Corporation and the Petroleum Products Pricing Regulatory Agency to ensure that beneficiaries were screened after duly applying for the forex.

Kachikwu added that the pressure on forex by fuel importers could reduce if the country refurbished all its refineries.

He stated that the government’s plan was to make the refineries fully functional and produce around eight million of the 20 million litres of daily petrol intake.

“By 2019, we should be able to exit completely the importation of petroleum products in this country. This has consistently served as a target for this government so that by December 2018, the NNPC must be able to deliver on some of the terms given them, one of which is to reduce petroleum products’ importation by 60 per cent,” he said.

http://www.kikiotolu.com/2017/02/forex-supply-drops-to-700m-monthly.html

Lalasticlala Mynd44 seun Dominique

Make we believe this abi?

#ourmumudundo...

In Charlie boy's voice...

Costello559:
Make we believe this abi?

#ourmumudundo...

In Charlie boy's voice...

So you believe that Nigeria still earns $3 Billion Monthly?

I get so sad when i see comments like this, It is clear that Nigeria's Forex earnings have dropped, for someone to come online and say it is a lie just baffles me.

Imagine these incompetent idiots making statements that cause speculation, panic and a further crash of the Naira

Just dey there day deceive yourself thinking you are deceiving us

Wetin be Forrest self lol

In Nigeria you're either rich or poor. The rich be making money everytime whether economy good o or e no good.

The poor masses be feeling the brunt everytime....

But one thing is sure the day of reckoning is fast approaching!

When can someone just see one good news about Nigeria?

Is it a curse?

Am tired of this country I swear

Hmm... Seems DR congo will be a better destination soon

989900:
Lies and more lies.

Considering the fact that oil prices have dropped drastically, and that we weren't earning much from non oil exports anyway, I am not surprised.

In 2013,according to the article CBN had 3bn to give. Oil was above $100then. Now.... It is $54. A year ago it was $28.

We have to cut our coats according to size. And stop importing stuff we can produce, like biscuits

Lobatan

Firstcitizen:
Imagine these incompetent idiots making statements that cause speculation, panic and a further crash of the Naira

He is being realistic. Most oil rich countries are in the same boat. That is why we have to diversify. Talking about it doesn't do the trick.

Another bad news

Where the fvck is Nigeria heading to

Kingxway:
Where the fvck is Nigeria heading to

Hopefully, if this govt is serious, into a much more diversified economic structure.... with a mix of manufacturing and export of more raw materials.

Look at how the dead buhari zoo president has killed the naira.. ..useless buhari.. .any way rest in peace bubu.. .

I see the Naira heading to N700. Watch out

Yet they dont know what to do

"There is a shortage of foreign exchange. In 2013 to 2014, the Federal Government used to get $2bn to $3bn monthly, and the CBN in the interbank market sold about 30 per cent of that. Seventy per cent came from foreign investors."


And some people would tell you its because oil was $100/barrel and all that crap...

Bottomline.. your policies are crap,if Nigerians can loose confidence talk more of foreign investors...

kabayomi:
In Nigeria you're either rich or poor. The rich be making money everytime whether economy good o or e no good.

The poor masses be feeling the brunt everytime....

But one thing is sure the day of reckoning is fast approaching!

Dude no day of reckoning is coming. Nigerians are bloody coward and selfish. How hard is it for youths to gather themselves, see hunger, frustration and corruption as a great tool to execute a peaceful or brutal revolution? Instead you lots go to prayer houses and forget the basics of work to get result. The youths keep hearing of billions stolen but some shameful support it because of tribal related, yet they (supporters) are suffering.
Cowards, all Nigerians and the worse they can do is go on Twitter and rant endless. Nigerians prefer sufferings and smiling with hope that one day it will be their turn to steal from the national resources. So No Day of Reckoning Foresight.

9jakohai:


Hopefully, if this govt is serious, into a much more diversified economic structure.... with a mix of manufacturing and export of more raw materials.

Sadly, no good policy works well in Nigeria.

Lord Jesus pls because of ur love, heal our country Nigeria of all these ailments. This suffering is too much for us to bear and eliminate all powers, authorities, principalities and human beings that are inflicting it on us by ur thunder mighty hands. Amen

boriswole:
So you believe that Nigeria still earns $3 Billion Monthly?

I get so sad when i see comments like this, It is clear that Nigeria's Forex earnings have dropped, for someone to come online and say it is a lie just baffles me.

Was not interested in what they said about the drop in forex or forrest....woteva

I commented when i saw this (The ad hoc committee, which is headed by a member from Imo State, Mr. Nnana Igbokwe, is conducting a public hearing on the review of the pump price of petrol from N145 to N70.04 as proposed by the House)

So... Neva accuse people wrongly... It myt land you in jail

iho

9jakohai:


He is being realistic. Most oil rich countries are in the same boat. That is why we have to diversify. Talking about it doesn't do the trick.

I am talking about the statement by Mrs Alade of CBN

No brains in this government

Why spend $$ sef

dammy13:

Seventy per cent came from foreign investors.

Therein lies the problem. The president with his unguarded utterances scared away investors and now we have this forex issue. So let them cease blaming the previous administration.

Enyimbamercedes:


Therein lies the problem. The president with his unguarded utterances scared away investors and now we have this forex issue. So let them cease blaming the previous administration.

What are the things he said that scared away investors?

As in,twas so scary dat investors didn't bother coming?