NIMASA's Mobereola Confirms CVFF Remains in Dollars
Dr Dayo Mobereola, the Director-General and CEO of the Nigerian Maritime Administration and Safety Agency (NIMASA), issued a statement addressing claims that the Cabotage Vessel Financing Fund (CVFF) had been converted from United States dollars to naira. These claims were attributed to former NIMASA Director-General Omatseye, who suggested that the conversion was made to allow the Fund to earn higher interest rates.
Mobereola stated that these allegations are incorrect and do not represent the true status of the CVFF. He clarified that the revenue streams for the CVFF are held in various currencies, with funds remitted in United States dollars retained in dollars with the Central Bank of Nigeria (CBN), while contributions made in naira are kept in the local currency.
There has been no conversion of the dollar-denominated component of the CVFF to naira.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
Read full article
Continue on Blueprint
Get the week in one email
Top stories, NPFL results, the naira, every Friday morning. Free, one email a week.
Related Stories
Omatseye Reveals Naira Conversion Impact on $350M CVFF
Omatseye Defends CVFF Fund Conversion During NIMASA Tenure
Experts Demand NIMASA Audit Over $360M Shipowners Fund
Oyetola Directs NIMASA to Accelerate CVFF Disbursement
Shipping Experts Urge NIMASA to Improve Vessel Financing
Nigerian Government Launches Vessel Financing Fund for Shipowners
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
