The Governor of Central Bank of Nigeria, Olayemi Cardoso, has said that “the lifting of petrol from Dangote Refinery is expected to moderate forex demands for petrol importation and ease soaring transportation and food costs.

According to CBN boss, lifting of petroleum products from the Lagos-based Dangote Refinery “will moderate the cost of transportation and ease food inflation.”

A report sourced from Channels Television, said the CBN Governor Olayemi Cardoso stated this at a press briefing on Tuesday at the end of the 297th meeting of the Monetary Policy Committee (MPC) in Abuja.

He said: “The committee expressed optimism that the lifting of refined petroleum products from Dangote Refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term.

“This is also expected to moderate foreign exchange demands for importation of refined petroleum products with a positive spillover on external reserve and improvement in the overall balance of payment position.”

Photo Credit: Channels Television

~ NewsOrient

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