The Central Bank of Nigeria (CBN), has said that a whopping $36.371billion was spent on the importation of petroleum products into the country in the last five years, The Nation reports.
The apex bank made this disclosure yesterday in Abuja during a public hearing of the Hon. Datti Garba Muhammad- led House adhoc Committee on the investigation of the state of the country’s four refineries, their Turn Around Maintenance (TAM) to date and regular/modular licensed refineries.
Director in-Charge of Research, Mr Ganiyu Amao, who led the CBN team to the session said excessive outflow of foreign exchange (forex) impedes the ability of the bank to stabilise the naira through intervention in the forex market. According to him, a lot of pressure is exerted on the country’s external reserves causing the naira to depreciate.