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| Central Bank of Nigeria building in central business district, Abuja |
The Central Bank of Nigeria (CBN) has just revealed that it is already prepared to initiate an intervention fund to ensure the availability of fuel in Nigeria to reduce scarcity.
The CBN Governor Godwin Emefiele made this pronouncement this morning at the Monetary Policy Committee (MPC). (adsbygoogle = window.adsbygoogle || []).push({}); Emefiele noted that the Central Bank would align with the NNPC and other relevant bodies to find lasting solution to the problem of fuel scarcity that has thrown Nigerians in hardship for some weeks now.
The governor believes that the Russian–Ukrainian war has caused serious decrease in the mutual economic development that has been recorded in the passed couple of years. He noted also that the war has drastically caused a spike or hike in energy and other petroleum products recently been experienced in the last three weeks. This has also motivated oil marketers to increase prices of fuel products seeing that the people are desperately in need of them.
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(adsbygoogle = window.adsbygoogle || []).push({}); The apex bank is ready to collaborate with the NNPC and other relevant bodies to ensure that petroleum products are made available by its intervention programme set to be rolled out soon after intensive consultation with the relevant bodies involved.
(adsbygoogle = window.adsbygoogle || []).push({}); Emefiele who was also persuaded that if supply storage were tended to, erratic cost increments would be discounted, bringing about cost control in different items impacted by energy inflation. He also expressed worry over how the regular power outage could worsen the weight on fuel products.
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