LONG QUEUES IN NIGERIA TODAY

After a few week that the reduction of pump price of fuel took effect in Nigeria, We are beginning to experience scarcity of fuel resulting to very long queues on a lot of filling stations. In Abuja where I reside a lot of filling stations either do not have to sale or that there exist very long queues making it difficult for people to get the product.

Experts have said that this situation arose because of the drastic devaluation of the naira, The continued pressures from falling crude oil prices at the international market since July last year had forced the devaluation of the Naira in November 2014 from N155 to N168 to the dollar,

On February 19, 2015, the Naira was further devalued to N199 following CBN’s closure of the official foreign exchange auction windows and redirecting of all demands for FOREX to the interbank market through the Deposit Money Banks.

The devaluation of the Naira resulted in a $31 price differential added to the total cost of importation of the product and subsidy by government.

The NNPC has declared that there is no need for people to panic as it has pushed out 688 million liters of petrol to serve the nation.

Fellow Nigerians and patriots lets help build this nation and not make things difficult for any one. I am hopeful that within 72hrs there will be a drastic change to this menace.

GOD BLESS NIGERIA…

Donald.