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FOREX: Nigerians will continue to suffer, pending massive refining ' Kachikwu

Published by Vanguard on Sun, 21 Aug 2016


The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday, blamed the continued fall in the value of the naira against other major currencies on the huge demand for foreign exchange (FOREX) necessitated by the importation of petroleum product into the country. According to the Minister, the sector accounts for between 30 and 40 per cent of foreign exchange demand, adding that the failure of the nation's refineries to work optimally has led to shortfall in the availability of FOREX in the open market.The post FOREX: Nigerians will continue to suffer, pending massive refiningKachikwu appeared first on Vanguard News.
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