Naira watch: Naira stable at N364/$ as NNPC completes refund of N450bn to Govt

Yesterday, the naira remained stable at N364 per dollar in the parallel market. A survey by a leading media house revealed that the parallel market exchange rate closed at N364 per dollar yesterday, which is same level as on Monday.

The stability was linked to weak demand for dollar and increased supply due to dollar sale to bureaux de change by the Central Bank of Nigeria (CBN) yesterday.

More so, the refund of N450 billion to the federation account has been completed by the Nigeria National Petroleum Corporation (NNPC). This fund is to be shared among the federal, states and local governments. Mr Mahmoud Isa-Dutse, the Permanent Secretary, Ministry of Finance, made the statement on Thursday in Abuja at the monthly meeting of Federal Accounts Allocation Committee (FAAC).

It can be recalled that NNPC had for 67 consecutive months paid additional N6.33 billion into the federation account to be shared among the three tiers of government apart from oil revenue. The payment started in September 2011 after the audit of the accounts of the oil firm, showed that it had been under remitting to the federal government. A total of N462.4 billion was shared as revenue among the three tiers of government during the FAAC meeting. However, the amount is N46.6 billion more than what the three tiers of government shared as revenue in April.

Adeosun further stated that the N462.4 billion was distributed under four distributable sub-heads.“The distributable statutory revenue for the month is N317.6 billion. There is also a proposed distribution of N64.8 billion being the exchange rate differentials. Therefore, the total revenue distributable for the current month including VAT of N79.9 billion is N462.3 billion”.

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