Meanwhile, CBN has blamed the Nigeria National Petroleum Corporation (NNPC) for naira’s free fall in the official and parallel markets.
The CBN explanation was given in a report that was released yesterday.
NNPC and its subsidiaries are the sole managers of crude oil which accounts for more than 80 per cent of Nigeria’s Foreign Exchange (forex) earnings.
In the CBN report titled: “The forex question in Nigeria: Fact sheet”, the apex bank disclosed that “domestically, there has been zero dollar remittance to the country’s foreign reserve by the NNPC, insisting that the CBN does not print dollars.
The report states: “As noted by the CBN Governor, Godwin Emefiele, monetary policy alone cannot bear all the burden of the expected adjustments needed to manage these difficulties. It’s our collective duty as Nigerians to shore up the value of the naira.”
According to the apex bank, Nigeria earns foreign exchange from four sources – proceeds from oil exports; proceeds from non-oil exports; diaspora remittances, and Foreign Direct/Portfolio Investments (capital flows).