The presidency has waded into the controversy raging between the Central Bank of Nigeria, CBN, and the Nigeria National Petroleum Corporation Limited, NNPC, over the dwindling fortune of the naira, Daily Trust gathered from reliable sources yesterday.

The CBN on Friday blamed the non-remittance of dollars to foreign reserves by NNPC as the reason for the plunge of the naira in the official and parallel markets. 

At the time of the allegation, the naira traded for N700/$1 at the parallel market and N415.96/$1 at the official market. 

But in what could be seen as contradicting the CBN claim, a document from the NNPC on Sunday showed that the company remitted a total of $2.7bn into its accounts with the CBN from January to June this year.

Financial experts and some Nigerians were taken aback at the counterclaims by the federal government institutions with some of them
describing the development as “an embarrassment” to the country.

Although the spokesman for the CBN was not immediately available for comments, some top officials of the apex bank said the presidency had
waded into the matter.

According to reports, the NNPC had spent N1.1 trillion this year on petrol subsidy just as the government budgeted N4trn to cover petrol subsidy for the 2022 fiscal year ending May 2023.