Wednesday, April 17, 2024
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HomeNewsOil Marketers Urge Government to Fix Naira at N750 per Dollar

Oil Marketers Urge Government to Fix Naira at N750 per Dollar

The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has made a fervent appeal to President Bola Tinubu to stabilize the exchange rate at N750 per dollar, aligning with the 2024 budget benchmark. NOGASA President, Mr. Benneth Korie, emphasized that the continuous devaluation of the Naira remains a critical economic concern for Nigeria.

He opposed the free-floating system for the local currency, advocating for decisive measures to address the ongoing depreciation.

Korie highlighted the adverse effects of the soaring dollar on the petroleum industry, warning of imminent closures of petrol stations if immediate actions are not taken. He stressed the necessity of reverting to the budgeted exchange rate of N750 per dollar to mitigate further economic challenges, pointing out the potential repercussions on food prices and transportation costs.

The Natural Oil and Gas Suppliers Association of Nigeria President also urged a reevaluation of the deregulation policy, proposing the reintroduction of the petroleum equalization fund to alleviate hardships and reduce pressure on transport expenses. With concerns over escalating subsidies, Korie emphasized the viability of implementing bridging mechanisms to effectively manage costs while ensuring industry sustainability.

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