Nigeria’s Central Bank Releases Fuel Forex

Nigeria’s Central Bank Releases Fuel Forex

The Nigerian National Petroleum Corporation (NNPC) announced late March the release of foreign exchange (Forex) by the Central Bank of Nigeria (CBN) to marketers to import diesel and aviation fuel, All Africa reported.

According to This Day Live, the Corporation also declared its plan to continue importing diesel and aviation fuel to supplement local refining.

Furthermore, NNPC said in the statement that it has increased its petrol stock in the country and now has a robust inland supply of over 1.2b liters, which would be sufficient for 34 days forward consumption nationwide.

The company noted that its petroleum product supply outlook for March to May 2017 showed good signs and that it has taken adequate steps to ensure stability in the supply of diesel and aviation fuel.

Additionally, the corporation announced that it has re-commissioned its strategic 479.2km System 2B petroleum products pipeline network which stretches from the Atlas Cove-Mosimi-Ejigbo-Ibadan, terminating at Ilorin, which will enhance the effective distribution of petroleum products nationwide.


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