“Oil Marketers Make Profit Wiith N320/Dollar Exchange Rate at Parallel Market” –CBN

The Central Bank of Nigeria, CBN, has maintained that oil marketers source forex majorly from the parallel market.

This is coming as the oil marketers continue to call for access to the Central Bank of Nigeria foreign exchange window.

CBN Governor Godwin Emefiele on Tuesday, May 24, stressed that oil marketers will still make profit even if they buy forex at N320 to the dollar, maintaining the stance that oil marketers buy forex from the parallel market.

Oil marketers have in times past bought forex at N197.5 from the CBN window by applying through their various banks, but following the hike in the price of petrol to N145 per liter from N86.50 they had been told to source forex for oil importation from the parallel market.

The CBN Boss, while fielding questions from newsmen following the conclusion of the Monetary Policy Committee Meeting in Abuja yesterday, noted that the foreign exchange reserves of the CBN can no longer satisfy all the demands for forex.