The Federation Account Allocation Committee has accused the Nigerian National Petroleum Company of using an exchange rate lower than the Central Bank of Nigeria official rate for the sale of domestic crude oil between 2015 and 2022.
The report was presented the sub-committee at FAAC’s monthly plenary meeting held on Tuesday, January 17, 2023. Consequently, the FAAC sub-committee recommended that the plenary should take a decision on the appropriate exchange rate to be used by NNPC Limited on remittances to the federation account going forward to avoid underpayments to the federation account.
Source: News Formal (newsformal.com)
nnpclimited Who set the Fx rate.i thought Cbn give Nnpc this rate.are they suppose to use the official rate or black market rate?
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