Emmanuel Addeh writes that Nigeria’s inability to meet its allocated oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) for months, not only poses a clear challenge to its much-needed drive to earn foreign exchange, but could also distort the cartel’s global monthly output plan. Nigeria’s dire need to inject more petro-dollars into its economy has recently seen the Central Bank of Nigeria (CBN) taking all kinds of measures, including unorthodox ones, to place tight controls on the movement of the much sought after American greenback. But while the problem of dollar scarcity persists, Nigeria, which is heavily dependent on its main forex earner, oil, has been struggling to meet even its ‘paltry’ share of the OPEC production quota. The commodity still accounts for up to 90 per cent of Nigeria’s total fx earnings. For at least three months, the federal government, represented by the Nigerian National […]