L
LequteMan
Guest
A scary round of fuel scarcity looms in Nigeria as the country has been blacklisted by foreign suppliers from importing petroleum products.
This follows challenges experienced by oil marketers to access foreign exchange due to stringent rules by the Central Bank of Nigeria, CBN, on foreign exchange transactions. The suppliers blacklisted Nigeria from further business until transactions are dollar cash backed.
Marketers disclosed that they owe their foreign suppliers in excess of $1.29 billion, even as the marketers were paid only N413 billion in December 2015 for oil subsidies.
The development is further compounded with the deferment of about 5.4 million litres PMS daily production, as the Nigerian National Petroleum Corporation, NNPC, yesterday, announced the shut down of Port Harcourt and Kaduna refineries.
Vanguard
This follows challenges experienced by oil marketers to access foreign exchange due to stringent rules by the Central Bank of Nigeria, CBN, on foreign exchange transactions. The suppliers blacklisted Nigeria from further business until transactions are dollar cash backed.
Marketers disclosed that they owe their foreign suppliers in excess of $1.29 billion, even as the marketers were paid only N413 billion in December 2015 for oil subsidies.
The development is further compounded with the deferment of about 5.4 million litres PMS daily production, as the Nigerian National Petroleum Corporation, NNPC, yesterday, announced the shut down of Port Harcourt and Kaduna refineries.
Vanguard
