CARDOSO SAYS LIFTING PETROL FROM DANGOTE REFINERY‘LL MODERATE FX PRESSURE
Afia Radio
The Governor of the Central Bank of Nigeria, Yemi Cardoso, says lifting of petroleum products from the Dangote Refinery will moderate foreign exchange demand pressures.
Cardoso who said this on Tuesday in Abuja, while presenting a communique from the apex bank’s 297th Monetary Policy Committee meeting, said that it would also moderate transportation cost, thereby easing food prices.
He noted that, this is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position.
The CBN Governor maintained that an assessment of the performance of Nigeria’s financial institutions indicated that they were stable.
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