N4,000 per Dollar Exchange Rate: NDC Asks Why Refineries Are Not Working

The Nigeria Democratic Congress (NDC) challenged Finance Minister Taiwo Oyedele’s warning that restoring the petrol subsidy could weaken the naira to as much as 4,000 per dollar. Through its National Publicity Secretary, Osa Director, the party asked why Nigeria’s refineries are not operating and why a sizeable share of crude oil was mortgaged to secure foreign loans. It said the arrangement had hindered crude supplies to the Dangote Refinery and argued that fixing domestic refining and alleged subsidy-related criminality would make the warning unnecessary. Oyedele gave his warning at the IMF and World Bank Annual Meetings in Bangkok, citing risks to investment and the naira.