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The Central Bank of Nigeria (CBN) has announced that the lifting of petroleum products from the Dangote Refinery will help reduce transportation costs and ease food inflation. CBN Governor Olayemi Cardoso made this statement at the Monetary Policy Committee meeting in Abuja.
Cardoso highlighted that this move will also reduce the demand for foreign exchange for fuel imports, improving Nigeria’s external reserves and balance of payments.
Additionally, the CBN raised the Monetary Policy Rate by 50 basis points to 27.25% in an effort to control the inflation rate, which currently stands at 32.15%.
The first batch of petrol was lifted from the Dangote Refinery in mid-September, with prices at N950 per litre in Lagos and N1,019 in Borno.
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