Oil Marketers Groan Over Scarcity Of Dollars

Oil marketers are worried that scarcity of dollars is threatening import contracts for petroleum products.

Olufemi Adewole, executive secretary, Depot and Petroleum Products Marketers Association (DAPPMAN), said the development has affected supply transactions

“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.”he laments.

According to him, the association has notified the Central Bank of Nigeria (CBN) of the development while the marketers expect CBN to intervene before the situation gets out of control.

CBN Governor, Godwin Emefiele

“The PPMC is not the only importer of PMS as of today. Some of our members just discharged their cargoes. Although we have not been paid, we are optimistic that very soon our members will be paid by the government.

“All banks are yet to open credit lines to our members, but some of our members have obtained one or two additional credit lines to import products from their banks as we speak.” He said.

CBN recently imposed restrictions on the interbank foreign exchange market to curb demand for dollars in a bid to halt the depreciation of the naira against the dollar.

The bank is nursing fear that removal of restrictions may lead to sharp depreciation of the naira.

The restriction is believed to be responsible for the decline in supply of dollars (liquidity) for trading in the interbank foreign exchange market.