on Wednesday announced the unification of all segments of the Nigerian forex market.
“All transactions will now be done through the Investors and Exporters window, where the exchange rate will be determined by market forces. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks,” it said. “So until we see all the numbers, we see where the exchange rate will settle, and we are looking at maybe N650 -N670 there about, we look at the crude oil price, landing cost, we need to see the numbers before we can determine whether the pump price will be high or not,” he said.“Because you cannot subject the citizens to further shocks.
Meanwhile, the president of the Independent Petroleum Marketer Association of Nigeria , Chinedu Okoronkwo, said the policy would impact the petroleum industry. “The impact is that it will give opportunities for those who want to come into the sector with their money to compete well now. And you know that healthy competition will also bring out the best in any system,” he said.
“Take 35 per cent of dividends and taxes that Nigeria Liquefied Natural Gas historically pays to the federal government as a 49 per cent shareholder as an example.