CBN blames NNPC for Naira’s free fall as economy spirals

CBN blames NNPC for Naira’s free fall as economy spirals

The Central Bank of Nigeria (CBN) says the Naira crises is not its fault.

As a matter of fact, the CBN has blamed the Nigerian National Petroleum Corporation (NNPC) for the development.

The non-remittance of dollars to foreign reserves by the NNPC is responsible for naira’s free fall, the CBN held.

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.

On Tuesday, an abridged communique of the Federation Account Allocation Committee (FAAC) showed that the Excess Crude Account (ECA) shrank to $376,655.09 from $35.377 million in May.

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.”

ALSO READ: Increase in lending rate by CBN will harm economy, MAN warns

Meanwhile, ahead of the 2023 general elections, the Independent Electoral Commission (INEC) says it will continue to use modern technology for accurate results.

INEC Chairman, Prof. Mahmood Yakubu, said this when he visited Kano, on Thursday, July 28, 2022.

The INEC boss’ visit was in continuation of his inspection of the ongoing Continuous Voter Registration (CVR) nationwide.

“The commission will continue to deepen the use of technology in election.

“We displayed the lists of registrants for Nigerians to be kept abreast with happenings in INEC. I believed we are doing well.

“INEC portal has come to stay. After elections at the poling units; results will be uploaded so that Nigerians can see the results even before the election is concluded,” he said.

He said that the commission has overcome the initial challenges with the Bimodal Verification Accreditation (BVA) machine.

“We are confident that the BVA machines will function optimally during the 2023 elections,” he said.

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