IOCs, CBN to collaborate to support marketers with forex for fuel importation

News Express |4th Apr 2016 | 2,845

International oil companies (IOCs) have agreed to collaborate with the Central Bank to provide forex to marketers for the importation of petrol.

A Chief Operating Officer of the downstream sector at the Nigerian National Petroleum Corporation (NNPC), Mr Ikem Obih, made this known over the weekend.

Mr Obih said that some upstream oil companies have agreed to support local entities with the forex deal through the Central Bank to enable them meet their PPPRA allocations.

The combined effort aimed at eliminating the queues for petrol help meet 100% of import allocations in the second quarter. (Channels TV)

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