The federation account allocation committee (FAAC) has reportedly adopted the N436.38/$1 exchange rate for the month of June remittances.
TheCable reported that this was announced in the monthly presentation of the Nigerian National Petroleum Company (NNPC) Limited to the FAAC meeting on June 22.
The FAAC said it shared the sum of N786.161 billion to the federal and state governments as well as local government areas (LGAs) in May, up from N655.93 billion in April.
The committee also revealed that it is using the new exchange rate “as advised by the Central Bank of Nigeria” for June’s remittances despite floating the exchange rate, allowing supply and demand in the FX market to determine the value of the Naira.
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