Nigeria: Naira Devaluation, Cause of Fuel Scarcity - PPPRA

Amidst the continuing scarcity of fuel across the country and despite assurance last Friday by the Nigerian National Petroleum Corporation (NNPC) that it would end in 48 hours, the Petroleum Products Pricing and Regulatory Agency (PPPRA), on Tuesday in Abuja, blamed the problem on two rounds of Naira devaluation by the Central Bank of Nigeria (CBN) between November and February.

Speaking during the defence of the PPPRA's budget before the Senate Committee on Petroleum (Downstream), Executive Secretary of PPPRA, Farouk Ahmed, said the devaluation caused huge confusion in the oil sector as the petroleum agency did not know the exchange rate to use for payment on fuel importation.

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