Forex rate, oil marketers, represented by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), have appealed to President Bola Tinubu to stabilize the exchange rate of the Naira against the Dollar, fixing it at the 2024 Budget benchmark of N750 per dollar.
Mr. Benneth Korie, NOGASA President, emphasized in Abuja that the ongoing devaluation of the Naira against the dollar is a significant factor contributing to Nigeria’s economic challenges. He opposed the free-floating of the local currency and urged the government to take decisive action to halt the current decline in the foreign exchange market.
Korie highlighted the adverse effects of the high cost of the dollar on oil marketers, warning that without immediate intervention, many petrol stations could close before the end of March. He emphasized the importance of adhering to the budgeted forex rate of N750 per dollar to prevent further economic instability.
Forex rate
The NOGASA President also addressed the challenges faced by the transportation sector due to the high cost of diesel, citing the withdrawal of services by NARTO as a consequence. He urged the government to reconsider its deregulation policy and consider reintroducing the petroleum equalization fund to alleviate pressure on transport costs and reduce hardship.
In conclusion, Korie urged the government to prioritize stabilizing the exchange rate and reassess policies to address the growing economic challenges in Nigeria.
