Dollar rate

Nigeria's Oil Suppliers Call for Pegging Dollar Rate at N750/$1

Discover why oil and gas suppliers in Nigeria are urging the government to address the exchange rate crisis. Find out more here!

In a bid to combat the worsening exchange rate crisis, the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has urged the federal government to peg the dollar rate at N750/$1. The association expressed concerns over the impact of the fluctuating exchange rate on their operations and called for immediate action.

Additionally, NOGASA has called for an end to dollar payments for petroleum products, emphasizing the need for stability in payment methods. The plea to stop dollar payments comes in response to requests from regulatory bodies like the Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Port Authority (NPA) for dollar settlements.

Oil marketers, also part of NOGASA, have reached out to President Bola Tinubu, seeking his intervention to stabilize the forex rate. They highlighted the challenges faced by petrol stations and urged for urgent measures to address the situation.

The association has warned of potential disruptions in services, with petrol stations considering withdrawing services by March if the exchange rate crisis persists. NOGASA emphasized the need for immediate government intervention to prevent further escalation of the situation.

Did you know that the exchange rate crisis in Nigeria has led to petrol scarcity fears? NOGASA's threat to shut down services could worsen the situation, affecting the availability of fuel across the country. The call to peg the dollar rate at N750/$1 remains a central demand from oil and gas suppliers, highlighting the urgency of the issue.