Bunmi AdulojuThe Depots and Petroleum Products Marketers Association of Nigeria says access to dollars at the official investors and exporters window has been a great challenge.that the naira dropped to a new low of N885 per dollar at the parallel section of the FX market, also called black market.
“Accessing dollars for our operations has been an insurmountable hurdle for petroleum marketers, Akpani said.“The difference between CBN exchange rate and the parallel market exchange rate continues to get wider by the day.” “And a whooping N440 million for petroleum marketers who have to source forex from the parallel market at N880.
“In addition, jetty berth is charged in dollars and comes to N2.2 million at official forex rate and N4.4 million at parallel market rate,” she added. She added that it would also birth a regime of sustainability in terms of storage, distribution, and supply across the country.