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Nigerians have been warned to prepare for higher fuel prices in the coming weeks due to the ongoing forex crisis.
The naira is currently selling at over 945/dollar at the parallel market, causing petrol prices to potentially rise between N680/litre and N720/litre.
The Central Bank of Nigeria’s Importers and Exporters’ official window for foreign exchange, which offers a lower exchange rate, has been unable to provide the necessary funds for petrol importation.
This has led to the suspension of petrol importation by dealers, further exacerbating the situation.
Oil marketers and petroleum products associations have called on the government to address the forex issues to prevent further price increases.
This article was updated 2 months ago