Oil revenue fraud in Nigeria has forced ‘tight monetary conditions' says Sanusi memo

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A memorandum apparently written by the Central Bank of Nigeria's (CBN) governor, Sanusi Lamido Sanusi, levels fresh accusations against the Nigerian National Petroleum Company (NNPC) for embezzling tens of billions of dollars of state oil revenue over the past two years, forcing the Nigerian economy "to pay a high price in very high interest rates and tight monetary conditions".

"The failure of NNPC to remit foreign exchange to the Federation Account in a period of rising oil prices has made our

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