‘Why excess crude account is not in dollars’

Saturday 25 May 2013 15 Rajab 1434

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‘Why excess crude account is not in dollars’

Category: News Published on Friday, 15 February 2013 05:00 Written by Isiaka Wakili

The excess crude account is not designated in dollars because the 1999 Constitution recognizes naira as the only unit of accounts.

CBN Deputy Governor Suleiman Barau disclosed this to the Senate Committee on Banking and Currency yesterday while being screened for his re-appointment.

According to him, “this is a constitutional constraint. When it was first mooted, the Revenue Mobilisation Allocation and Fiscal Commission informed us that the constitution only recognises naira as the unit of account.”