Nigeria: Fuel Scarcity Blamed On CBN Policies

5 March 2015

Operators in the oil and gas sector have blamed the ongoing fuel scarcity witnessed across the country on the Central Bank of Nigeria, CBN's directives to financial institutions.

According to the operators, who chose not to be named, in late December 2014, with oil prices falling, CBN directed all banks to reduce transactions with oil and gas companies due to pending liquidity issues and fiscal challenges in meeting the vast funding demands of oil and gas companies.

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