- Marketers of petroleum products are now finding it difficult to get dollars to finance import transactions; even with the naira equivalent readily available.
- Our correspondent learnt that, some marketers, who recently had their credit lines reopened by their banks after a long wait, are also having challenges getting adequate dollar conversions.
- The Executive Secretary, Depot and Petroleum Products Marketers Association, Mr. Olufemi Adewole, confirmed this to our correspondent in a telephone interview on Friday.
- Adewole said the development had been brought to the notice of the Central Bank of Nigeria, and the apex bank is expected to take quick action before the situation gets out of hand.
- He said, “One serious problem marketers are having now is the scarcity of foreign exchange to conclude product supply transactions. Even with our cash in our bank accounts, we cannot get the required amount of dollars.
“We need the CBN Governor to intervene as far as the supply of foreign exchange to marketers is concerned.”
- One of the marketers, who also confirmed this to our correspondent but pleaded to speak on condition of anonymity, said a single supply transaction required millions of dollars.
- He said, “Wth the situation on the ground, we are limited to getting just $1m per week after so much pressure.”
- Source: Punch