NNPC, Others Now Remit Dollar Revenue To CBN To Boost Nigeria’s Depleting Foreign Reserves

In a move, the Central Bank of Nigeria (CBN) has announced a collaboration with the Nigeria National Petroleum Corporation Limited (NNPCL) and the Ministry of Finance to channel all dollar revenues directly to the CBN.

Governor Olayemi Cardoso, speaking at the Nigerian Economic Summit Group event, expressed confidence that this coordinated effort would bolster the nation’s External Reserves and stabilize the foreign exchange market.

Cardoso highlighted the factors contributing to the expected stability in the FX market for 2024, including the reduction in petroleum product imports and the implementation of a market-determined exchange policy.

The governor emphasized transparency in addressing FX challenges, clearing backlogs of transactions, and implementing strategies to improve FX liquidity in the short, medium, and long term.

Notably, Cardoso disclosed expectations of a fuel price fall in 2024 due to operational refineries, foreseeing positive implications for economic efficiency and resilience. Furthermore, he outlined the CBN’s commitment to taming inflation, targeting a decrease from 28.92% in December 2023 to 21.4% in 2024.

However, the International Monetary Fund’s Dr. Christian Ebeke linked exchange rate volatility to excess naira in circulation and urged a reduction in inflation rates. Transparency in the FX market, coupled with tightening policies and raising revenues, was emphasized as crucial for stabilizing the naira.

READ ALSO: Forex Scandal: EFCC Probes $347bn Allocations To Foreign Companies In Nigeria

The Nigerian Economic Summit Group projected a 3.50% GDP growth for 2024, highlighting the dynamic interplay of external and domestic factors shaping the economic landscape.

While the outlook remains optimistic, stakeholders are keenly focused on addressing challenges and fostering a new state of stability in the nation’s economy.

Investors, both local and foreign, are encouraged to anticipate a transition to economic stability in the short to medium term as the CBN recalibrates its policy toolkit and implements far-reaching measures, signaling a positive trajectory for Nigeria’s economic future.

Emmanuel Ochayi

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