We will intervene on effects of exchange rate, Petrol prices inflation when necessary – Presidency

President Bola Tinubu has stated that his administration is monitoring the effects of exchange rates and inflation on Premium Motor Spirit (PMS) pricing, also known as petrol prices, and will interfere if necessary.

The guarantee was given by the President during a nationwide broadcast on Monday evening.

“We are also monitoring the effects of exchange rates and inflation on gasoline prices. If and when necessary, we will intervene. I assure you, my fellow countrymen and women, that we are exiting the darkness to enter a new and glorious dawn,” Tinubu said.

Recall that President Tinubu announced an end to petrol subsidy during his inaugural speech on May 29.

Following his pronouncement, petrol which was selling below N200 jumped to over N500 and has since increased to N570 in Lagos and over N600 in some other parts of the country.

The President had also during his inaugural speech promised to put an end to multiple exchange rates by unifying the exchange rate.

That promise was fulfilled when the Central Bank of Nigeria (CBN) on June 14 announced the unification of all segments of the forex exchange (FX) market.

In a circular, the apex bank said all FX windows are now collapsed into the investors & exporters (I&E) window.

The CBN had said that further guidance on the operational changes would be communicated to authorised dealers and the general public in due course.