President Bola Ahmed Tinubu has authorised the Central Bank of Nigeria (CBN) to take control of crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL).
The NNPC has solely controlled crude oil sales and rendered accounts to the Federal Government over the years.
A source within the CBN revealed that receipts of payments for oil sales will be sent to the apex bank for venting and documentation with immediate effect.
This disposition is aimed at filling any vacuum between crude oil sales and declared receipts, improving accountability and transparency in crude oil sales.
The monopoly of the NNPC to control the sales of crude oil can no longer be maintained keeping in view the decline in crude oil revenue.
The CBN Governor, Mr Olayemi Cardoso, in the previous week affirmed that the alliance between the CBN and the NNPC is to make sure that all foreign inflows are returned to the Central Bank of Nigeria.
At Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report”, the CBN Governor delivered a keynote address, saying,
“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.
“This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.
“The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.
“We are implementing a comprehensive strategy to improve liquidity in our FX markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years.
“Upholding the integrity of financial markets is crucial for building confidence. With the completion of an independent forensic review, we are addressing the backlog of valid FX transactions, and we remain steadfast in our commitment to decisively address any infractions and abuses,” he added.
Prior to this development, the former vice president and PDP presidential candidate in the last general election, Alhaji Atiku Abubakar, requested details of crude oil which will be used to retire the $3.3 billion loan from the Afri-Exim Bank.
