From $3 billion monthly under Jonathan, NNPC now remits zero dollar to CBN: Emefiele

Godwin Emefiele, the Central Bank of Nigeria’s governor, stated over the weekend that the official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has depleted from over $3.0 billion monthly in 2014 to zero dollar today.

At the 57th annual bankers’ lecture sponsored by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos on Saturday, Mr Emefiele said there was a significant loss in foreign reserves due to the naira’s struggle and the rise in demand for forex.

He stated that a severe crisis in the Nigerian foreign exchange market is putting pressure on the country’s reserves and suppressing the value of the naira.

“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,” he said.

The apex bank governor lamented that “increasing instances of crude oil theft have hurt” Nigeria’s ability to export enough crude oil and “consequently, its foreign exchange reserves are falling.”

Mr Emefiele explained that the inflation rate would continue to be high and beyond the 12.5 per cent threshold that supports growth. But he said CBN would maintain the current tight monetary policy stance in the near term amid rising inflation expectations and exchange market pressures.

In the face of a declining supply of foreign currency, market demand for commodities and invisible transactions has continued to rise across various uses.

The CBN governor claimed that the number of student visas granted to Nigerians by the UK alone climbed from an average of approximately 8,000 per year in 2020 to almost 66,000 in 2022, indicating an eight-fold increase to an annual outflow of $2.5 billion in foreign exchange tied to the UK alone.

https://gazettengr.com/from-3-billion-monthly-under-jonathan-nnpc-now-remits-zero-dollar-to-cbn-emefiele/

Nlfpmod

Buhari & APC remitted $0 as Revenues from Oil

Here in port Harcourt....A litre of fuel is 220

Everybody is clam & Watching.

Lol...

All the factors Emefele mentioned as the cause have been existing even before APC came to Power. Serious government that has foresight would have put measures in place before it gets to this level. Una don thief money finished from $3 billion to Zero Naira, shame no even allow una dey tall am out. Giving idiotic excuses as the reasons for it.

Nnpc's account should be audited.There are so many corruption going on among the directors in that sector.Malami and Buhari are beneficials of the corrupt system.

Thieves!!!

Ok

Clowns in power.

Turn around and tell any APC supporter around you "You are a certified idiot"

Haters of Nigeria and lovers of bad news will not remember that the money was used to search for oil in the North, build second Niger bridge, Lagos-Ibadan rail and the ports.
Not only that, we have also used the money to generate more power so Nigerians can have enough electricity to roast corn
The incoming administration will continue from where the present one stopped insa allah
Sai Bubu

Don't forget, Royal Dutch Shell is a silent partner in the NNPC and England and Western European countries are going thru some very tough economic and lack of energy times. I wouldn't be surprised that they may be funneling Naija resources elsewhere.
Without qualified proof I can't say that Mr. Emefiele is bought and paid for but can think it in my own fish brain.
Anyway on a positive note there's no long petrol lines at fuel stations these days.

Agbegbaorogboye:
Haters of Nigeria and lovers of bad news will not remember that the money was used to search for oil in the North, build second Niger bridge, Lagos-Ibadan rail and the ports.
Not only that, we have also used the money to generate more power so Nigerians can have enough electricity to roast corn
The incoming administration will continue from where the present one stopped insa allah
Sai Bubu

The cbn go. Said no remittance from nnpc
Meaning all those projects were thru debrs

The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollar today,” he said



Buhari's administration is a daylight robbery.