President Bola Tinubu has received a briefing from the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency at the Aso Rock Presidential Villa, Abuja.
The committee, chaired by Minister of Finance Mr. Wale Edun, includes Aliko Dangote, Chairman of Dangote Group, and Mr. Mele Kyari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC Ltd).
The Federal Government began implementing a policy to sell crude oil to the Dangote Refinery in naira rather than U.S. dollars in early October.
This move, approved by the Federal Executive Council, aims to stabilize fuel prices domestically and strengthen Nigeria’s currency.
The NNPC Ltd. will supply crude oil in local currency, with Dangote’s refinery as the pilot.
Trading in naira is expected to improve petroleum product availability and decrease import-related costs.
The Dangote Refinery, requiring significant crude supplies annually, will provide petrol and diesel in naira, simplifying currency transactions and lessening fuel import economic strain.
This approach will reduce FOREX demands by up to 40% with support from key institutions.
More to follow…
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