Godwin Emefiele, governor, Central Bank of Nigeria (CBN), said on Wednesday that banks have, in the last one week, opened over $500 million worth of Letters of Credit (LOC) on behalf of oil marketers, a disclosure which raises hope that the present fuel crisis which is almost crippling the economy will ease soon.
Emefiele said that the CBN has met with banks and oil marketers to resolve all contending issues associated with credit facilities and called on marketers still experiencing delays in their LOC to alert the apex bank in order for such issues to be resolved quickly. He disclosed this on Tuesday after a meeting between the CBN, Petroleum Products Pricing Regulatory Agency (PPPRA), oil marketers and depot owners, and Finance Ministry on the fuel crisis.
The major petroleum marketers also said that they have deployed 495 truckloads of fuel with a minimum capacity of 33,000 litres to Lagos and Abuja.
Obafemi Olawore, executive secretary, Major Oil Marketers Association of Nigeria (MOMAN), who spoke on behalf of his members, announced that the marketers have moved 495 truckloads of fuel to Lagos, Abuja and environs, assuring that the long queues will ease off in the next few days.
ONYINYE NWACHUKWU, Abuja
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