Nigeria Oil marketers called on the Federal Government to assist
them in making foreign exchange available for the importation of
petroleum products on Friday.
However, the marketers, under the umbrella of the Depot and Petroleum
Products Marketers Association of Nigeria (DPPMAN) said members of the
association were currently having a tough time converting some of the
Naira payments made by the government to dollars, making it difficult
for them to meet their obligations to their foreign partners.
“We want to thank you for the recent payment of about N42 billion but
we want to emphasise the fact that this Naira payment will continue to
sit in our banks,” DPPMAN said during a meeting with the Minister of
Finance held at the headquarters of the ministry in Abuja.
“We look forward to dialoguing with you as to how you can help us
expedite the sourcing of foreign exchange to liquidate our exposures to
our foreign bankers that we have line of credit with.
“We are very worried about going into a new dynamics in which
marketers are now going to be sourcing forex at the rate that they can
find, which we have approximated to around N285 to a dollar.
“We believe that it is a quick fix solution to all the epileptic supply of petroleum products in the county.
“However, we still have this Naira sitting in our account from
previous transactions and we are worried that if anything happens to the
rate of exchange officially, we are going to be caught in between.
“We do not want to come back to you to ask for foreign exchange
differentials which issue we still have pending from previous
transactions,” he said.
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