Forex: How NNPC remitted $2.7 billion in six months
The Nigerian National Petroleum Company Limited remitted $2.7 billion in six months, from January to June this year, into its accounts with the Central Bank of Nigeria.
The revelation has put to rest claims that the national oil company has not been contributing to the national purse.
This claim has also led to another that the lack of contribution by the NNPC, which trades largely in foreign exchange, was responsible for the spiraling value of the naira.
The funds remitted comprise of $645 million for dividend paid by the Nigerian Liquefied Natural Gas Company Limited and $1.786 billion from the NNPC operational activities.
Further details showed that the NNPC Limited remitted $18.77 million in January 2022, $194.56 million in February 2022, and $373.233 million in March 2022.
Other NNPC remittances were $247.884 million in April 2022, $591.565 million in May 2022 and $880.906 million in June 2022.
This followed claims that zero remittance by the NNPC Limited has been responsible for the acute scarcity of the dollar, leading to the sharp depreciation of the naira last month.
The naira depreciated by N3.95 to N429 per dollar at the end of July in the Investor and Exporters window from N425 per dollar at the end of June.
Similarly, the naira depreciated by N95 to N710 in the parallel market at the end of July from N615 per dollar at the end of June.…
